Trump Tweets Trade Talks With Xi 'Moving Along Nicely'

02 November, 2018, 15:59 | Author: Kathy Ellis
  • Changing China's economic model might ease external and domestic pressures on the economy

Trump imposed new tariffs on roughly half of Chinese imports this summer while Beijing fired back with tariffs on most U.S. products.

Trump said he and Xi plan to meet during a gathering of the Group of 20 major economies this month in Argentina.

The yuan is continuing to push forward with gains against the greenback as talks of a US-China trade resolution continues to fuel the rally seen in the past two days.

Attorney General Jeff Sessions, center, announces the creation of a new initiative to crack down on Chinese intelligence officials pilfering intellectual property from US corporations during a press conference in Washington, Nov. 1, 2018.

On Thursday Chinese Premier Li Keqiang also told a group of visiting US politicians that China and the United States could overcome their differences and get relations back on track if they worked together in a spirit of mutual respect.

Washington and Beijing are in an increasingly high-stakes standoff over Trump's aggressive move to end what he says have been years of unfair trade practices by China, including rampant intellectual property theft, forced technology transfers and market access barriers.

Trump on Thursday said he had "very good" talks with Xi on the growing trade conflict between the two economic giants.

Separately, the South China Morning Post - also citing unnamed sources - reported that Mr Trump had offered to host a dinner for the Chinese president after the G20 summit. The Chinese president also said he would like to meet Trump at the G20.

It was unclear if Mr Trump was easing up on U.S. demands that China has resisted. "We have a new deal", he said adding that the USA is now negotiating with the European Union, which "has absolutely hurt" the United States.

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"Just had a long and very good conversation with President Xi Jinping of China".

'We're going way up, and China has been hurt over the last number of months. "If President Trump makes an agreement with President Xi, there is nobody above them to overturn it", he said.

The two countries have been locked in an escalating trade battle, with each side imposing tariffs on billions of dollars worth of imports from each side.

China's Premier Li Keqiang, right, speaks next to Tennessee Senator Lamar Alexander during a meeting with a group of U.S. Republican senators and Congress members at Zhongnanhai leadership compound in Beijing, Thursday, Nov. 1, 2018.

'We do hope that China and the United States will meet each other halfway and work together in the spirit of mutual respect and equality, ' Li told Trump's fellow Republicans.

Alexander said he would be discussing trade with Li, though neither of them mentioned the ongoing tariff war in remarks in front of reporters.

The United States has already imposed tariffs on $250 billion worth of Chinese goods, with duties on $200 billion of the total set to increase to 25 percent from 10 percent on January 1, 2019.

Beijing responded by introducing reciprocal tariffs on US-made goods.

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