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. As reported by our site with reference to Voice of America, this statement was made by the President during a conference at the White house.
President Donald Trump looked to quell market jitters over escalating tariff war tensions with Beijing last night, after telling reporters that a trade deal between the USA and China is getting nearer.
The head of the White house Donald trump said that he expects to conclude trade deals between the United States and China.
The possibility of progress helped stocks rally overnight. Unlike many other news organizations, we have not put up a paywall.
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"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.
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However, the remarks come just hours after Trump's senior economic adviser Larry Kudlow said that the United States was "not on the cusp of a deal". -China trade war, citing unnamed sources.
In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.
His administration has demanded that Beijing make sweeping changes to its policies on intellectual property protections, technology transfers, industrial subsidies and domestic market access, along with steps to reduce a $375 billion U.S. goods trade deficit with China. "Ultimately, actions speak louder than words and all of the actions of the Administration indicate a continued fight, making it harder for a near-term resolution". "But China very much wants to make a deal", he said.
Giving credence to the idea that the thaw in relations may be a short-term stunt are the actions of almost every other part of Trump's administration. But National Economic Council director Larry Kudlow told CNBC on Friday that the Cabinet hasn't even been asked to draw up a trade plan with China, contradicting Trump's claim that he had made the request.
"The Trump administration should not miscalculate China's tolerance for what they perceive as bullying tactics", he said. I think we have a long way to go. "No, '" Trump said at the White House on October 26.
President Trump said a deal with China would also be good for Beijing. "It's possible", said Kudlow, who worked as Reagan's budget deputy between 1981 and 1985. "At worst, this was a maneuver to goose the market a few days before the midterms".
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'I Think We'll Make a Deal With China' on Trade
A key point of contention for the USA has been its allegations that China has engaged in widespread intellectual property theft. It was unclear if Trump was easing up on United States demands that China has resisted.