China 'confident' it can reach U.S. trade deal

Oscar PerryDec 07, 2018

For meetings such as the Trump-Xi dinner, the initial official news report is typically drafted by the foreign ministry and approved by the General Office of the ruling Communist Party's Central Committee, she said.

Trump tweeted early Wednesday that Beijing is sending "very strong signals" about a new trade framework since returning from talks over the weekend in Buenos Aires. It would ease uncertainty for world economic growth, bring benefits to both countries, and boost the confidence of global investors, added Zhang.

That gives the president 24 hours to fix the damage inflected when the market plunged nearly 800 points on Tuesday after a series of tweets from Trump suggested a trade war with China could resume next year.

On Tuesday night, the president threatened "major Tariffs" on Chinese products shipped to the United States if his administration fails to strike a final trade pact with Beijing. In the past, when longer-term yields have fallen below shorter ones, that has signaled a potential recession could follow within a year or so.

It was the first official confirmation from China that there is a 90-day window for the talks. Britain is struggling to leave the European Union. China has responded with its own tariffs.

"They don't want to look like they've gone across the Pacific offering concessions to placate Trump, and then a few weeks later escalation resumes", he said. "Trade tensions have just been delayed for three months". Those tariffs were set to rise to 25% on January 1.

At the start of the administration, Trump failed on that front when he pulled the United States out of the Trans-Pacific Partnership - a pact joining 12 major trading economies along the Pacific Rim in a trade agreement created to push back against China's mercantilist behavior.

United States officials have struggled to provide concrete details of what the two countries agreed on at the dinner between Trump and Xi.

On Tuesday, he said US Trade Representative Robert Lighthizer would lead the talks to see "whether or not a REAL deal with China is actually possible".

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"The global picture is getting murkier, and that'll impact the eurozone via trade and sentiment", Erik Nielsen, chief economist at UniCredit bank, said in a note to clients. Merkel stressed that trade negotiations are the responsibility of the EU.

"This is a specific step taken by the Chinese side to strengthen protection of intellectual property and crackdown on IP rights violations", Geng said.

The BBC's Robin Brant in Shanghai said China's comments put it at odds with the White House.

Among the conflicting assertions that White House officials made was over whether China had actually agreed to drop its 40% tariffs on US autos.

White House national security adviser John Bolton, who also attended the Saturday meeting, said the verdict was still out on what China would ultimately do. In a series of Tuesday morning tweets, the president showed optimism about reaching a "fair deal", but stressed that he is "a Tariff Man" if talks fail.

"When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so".

Those words helped trigger a dizzying sell-off Tuesday.

USA financial markets were closed Wednesday for the funeral of former President George H.W. Bush.

While Trump hails tariffs as money-makers, critics note that tariffs are mostly paid for by United States consumers as the costs of Chinese imports rises.

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