Published: Fri, February 01, 2019
Business | By Eloise Houston

Trump upbeat on US-China trade meetings

Trump upbeat on US-China trade meetings

Later, he told reporters the USA objective was to make China's commitments "more specific, all-encompassing and enforceable" with a mechanism for taking action if China failed to follow through, but declined to provide specific issues.

The US tariffs on Chinese goods are just one front in Mr Trump's efforts to upend the global trading order with his "America First" strategy. "China does not want an increase in Tariffs and feels they will do much better if they make a deal". They were joined by Chinese diplomats and Trump administration officials including Secretary of Treasury Steven Mnuchin, Commerce Secretary Wilbur Ross, trade adviser Peter Navarro and economic adviser Larry Kudlow.

Trump said he expects to meet with his Chinese counterpart, Xi Jinping, to try to reach a final resolution to the six-month trade standoff.

Trump was meeting on Thursday afternoon with the Chinese negotiators.

At the end of 2016, Donald Trump appointed Navarro as head of the newly-created White House National Trade Council.

While China has offered increased purchases of United States farm, energy and other goods to try to resolve the trade disputes, negotiators dug into thornier issues. "All of the many problems are being discussed and will be hopefully resolved", he wrote.

But he said China wanted to strike a deal to avoid an increase in tariffs.

USA and Chinese negotiators on Wednesday opened two days of high-level talks aimed at settling a trade war that has weakened both economies, shaken financial markets and clouded the outlook for global trade.

Details of the closed-door talks were scant with official statements seen as unlikely before they conclude on Thursday.

People's Bank of China Governor Yi Gang declined comment on Chinese proposals as he left the delegation's hotel for the meetings in Eisenhower Executive Office Building, next to the White House.

"The leaders of the two sides had frank, concrete and constructive discussions on issues of trade balance, technology transfer, intellectual property protection, implementation mechanisms... and made important progress", Xinhua said.

Fed Chairman Jerome Powell on Wednesday expressed concern that prolonged negotiations could cause further uncertainty for investors.

"Uncertainty is not the friend of business", he said. And he has emerged as the USA strongman in the ongoing trade negotiations, determined to force changes in Beijing's economic policies.

As part of the deal, Trump agreed to postpone the planned increase in tariffs on $200 billion worth of Chinese goods.

Officials for both sides are now meeting in Washington in an effort to strike a deal.

The US President also addressed the ongoing trade talks between Washington and Beijing. He has also threatened new tariffs on the remainder of Chinese goods shipped to the United States.

Trump this month said that China's slumping economy gave the country no choice but to make serious commitments.

President Donald Trump has said he favors a healthy Chinese economy, but not at the expense of American business and know-how.

The United States has accused China of hiding some trade-distorting subsidy programs from worldwide scrutiny while disclosing others it does not need to, according to a document circulated on Wednesday at the World Trade Organization.

Time and again as he went around the Roosevelt Room's long table, Trump's top trade negotiator made clear his boss will make any and all crucial decisions and ultimately decide whether he puts his signature on a final pact.

Chinese Vice Premier Liu Hu and Beijing officials are discussing disputes over intellectual property rights and drugs with Trump's top economic and trade aides.

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