Trump says 'big progress' on possible China trade deal
- Author: Rogelio Becker Dec 31, 2018,
Dec 31, 2018, 0:41
Bloomberg News reported on Thursday that a United States government delegation will travel to Beijing in the week of January 7 to hold trade talks with Chinese officials, according to two people familiar with the matter.
According to the Xinhua news agency, Trump has also pointed out the importance of the US-Chinese relations for the whole world.
While China has recently taken steps that might help address USA complaints about trade barriers and intellectual property theft, there was little to suggest that Xi was considering fundamental changes along the lines demanded by the Trump administration.
The dinner meeting between Trump and Xi went 'very well, ' said White economic adviser Larry Kudlow to reporters before Air Force One left Argentina to return to Washington.
Earlier this month, Trump and Xi Jinping had dinner at the G-20 summit and reached a truce. A total of 1,932 reform schemes have been carried out since 2013, the president said, adding, "We showed our resolve to carry through the cause of reform and opening-up in the new era".
USA stocks, beaten down recently by concerns about an escalating tariff war, got a boost from news of the upcoming talks.
Deputy U.S. Trade Representative Jeffrey Gerrish will lead the delegation, which also will include Treasury Under Secretary for International Affairs David Malpass, according to the people, who spoke on the condition of anonymity.
If no trade deal is reached, the U.S.is ready on March 2 to increase tariffs on $200 billion in Chinese goods to 25 percent from 10 percent, which could potentially have a significant effect US industries - such as electronics, furniture and machinery - that depend on Chinese imports, the Wall Street Journal reported.
The US has imposed punitive tariffs on Chinese goods worth $250 billion per year.
Chinese media also quoted Xi as saying that he hopes both sides can meet each other half way and reach an agreement that is mutually beneficial as soon as possible.
While investors have anxious over the trade war between the world's two biggest economies, relations have thawed since Xi and Trump struck a 90-day trade truce in early December while the two sides work to ease tensions by March 1. Beijing so far has pledged to resume buying US soybeans and to at least temporarily lower retaliatory tariffs on USA autos.
A trade war has dominated U.S.