Economy

Trump Has Not Sought Draft China Trade Plan

Trump Has Not Sought Draft China Trade Plan”

He said further meetings with Xi are being scheduled for the G-20 summit of the world's biggest economies, set for November 30 in Buenos Aires, the first ever such summit in South America. The Hang Seng Index rose 4.2 percent, the biggest gain since 2011, and the Shanghai Composite Index climbed 2.7 percent, posting a fourth day of gains for its longest winning streak since February. America's trade deficit with China hit a record high in September, according to figures reported Friday by the U.S. Commerce Department.

On Thursday, comments made by Mr Trump appeared to be an attempt to ease tensions.

"I think we'll make a deal with China, and I think it will be a very fair deal for everybody", Trump said ahead of the meeting with China in Argentina in a month's time.

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.

Trump has asked key USA officials to begin drafting potential terms, Bloomberg said, adding that the push for a possible deal with China was prompted by his telephone call with Xi on Thursday.

"What they've done to our country is take out anywhere from $300 billion to $500 billion a year".

But other signs of trade progress surfaced Friday.

Trump asked key cabinet secretaries to have their staff draw up a potential deal to signal a ceasefire in an escalating trade conflict, the people said, adding that multiple agencies are involved in the drafting of the plan. They also agreed to meet on the sidelines of the Group of 20 summit meeting in Buenos Aires, Argentina, at the end of the month. "We are not on the cusp of a deal", Kudlow said. "As the president said, we would like to talk to them about it, but they may not be ready".

"Both leaders attach great importance to China-US ties and economic ties", Lu said.

Trump has claimed that negotiations with China to end the trade war between the two nations are going well.

In recent months China has repeatedly questioned the U.S.'s sincerity in trade talks, wary of agreeing to something only to have Trump change his mind.

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 U.S. filed charges against Chinese technology firm Fujian Jinhua Integrated Circuit Co and its Taiwanese partner.

Tu Xinquan, a trade expert at Beijing's University of International Business and Economics, said he was skeptical that the Trump administration was truly ready to deal, and that other factors, such as the mid-term congressional elections, could be driving statements from the administration.



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