China wants to ‘very badly’ strike a trade deal with US
03 November, 2018, 03:53 | Author: Kristi Dunn
Earlier, President Donald Trump said that the U.S. is ready to strike a "great deal with China" and end the trade spat between the two economic giants, but noted that China is not ready for it. Washington and Beijing have been engaged in a trade war since April 2018, when the USA imposed steep tariffs on Chinese steel and aluminum, which were subsequently followed by tariffs on other goods.
The proposal, confirmed by Beijing, sent stock markets soaring in Asia and Wall Street futures were trading sharply higher on Friday morning NY time.
The push for a possible deal with China was prompted by the President's telephone call with Mr Xi on Thursday (Nov 1), the people said, requesting anonymity to discuss internal deliberations.
Chinese foreign ministry spokesman Lu Kang was upbeat about the phone call, saying it had been "extremely positive". He gave no indication whether they made progress on settling the escalating tariff war over Beijing's technology policy.
It's been a wild ride this week for China's yuan, whipsawed as concern about a slowdown in the world's second-biggest economy gave way to optimism that trade tension with the USA may ease.
Kudlow also added that Trump "could pull the trigger" on additional tariffs on Chinese imports, depending on how talks go.
Analysts were mixed on the significance of Trump's latest move, with some viewing it as a positive sign of a breakthrough and others seeing it as a ploy to boost market sentiment ahead of midterm elections next week. "I really believe that", he said.
Tuuli McCully, head of Asia-Pacific economics at Scotiabank in Singapore, called the news "encouraging". These include outright cybertheft and forcing USA companies to hand over trade secrets as the price of admission to the Chinese market.
Trump said trade talks were "moving along nicely" and that meetings were "being scheduled" at the G-20 summit planned in Buenos Aires at the end of this month.
The shares of Chinese companies have grown following news that US President Donald Trump is considering making a "great deal" with Beijing and that the Chinese government is considering a support program for private businesses.
Despite the promise offered by the Trump-Xi telephone call, the level of tension between the two nations was demonstrated just hours after it ended when the United States filed charges against Chinese technology firm Fujian Jinhua Integrated Circuit Co and its Taiwanese partner. "They all want to do it".
Team Trump on Friday threw cold water on reports that the administration was close to cutting a trade deal with China.
Over the past 24 hours, the White House has sent a flurry of mixed messages about the status of trade talks with Beijingamid an ongoing tit-for-tat that started with Trump's decision to tax billions of dollars worth of Chinese imports. While Beijing is open to striking a deal that narrows the trade deficit, officials have resisted Trump's other demands - including an end to subsidies for strategic industries, a stop to forced technology transfer and more competition for state-owned enterprises.
On Wednesday, U.S. Secretary of State Mike Pompeo said China was probably Washington's biggest long-term security challenge and the United States was engaged in a "multi-pronged effort.to convince China to behave like a normal nation on commerce" and respect global law.
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