Economy

USA goods trade deficit with China hits five-year low

USA goods trade deficit with China hits five-year low”

The talks were due to resume on Friday after wrapping up with no word on progress.

Trump has also referenced the economy in behind-the-scenes conversations with aides, pointing to its strength as evidence that they were wrong to condemn his trade policy from the start, according to a Republican official with knowledge of trade conversations.

In comments to Chinese state media upon arriving in Washington, Liu said that hiking tariffs "is very disadvantageous to both parties". Her stern message came just days after the U.S. unanimously backed legislation support Taiwan. "Otherwise, I don't think Liu would be coming".

President Donald Trump's latest tariff hikes on Chinese goods took effect Friday.

Trump said Thursday that the Chinese wanted to come back to continue negotiations.

Lighthizer and Mnuchin met with the Chinese delegation for about 90 minutes Thursday evening.

The higher import taxes won't hit goods that already left Chinese ports before Friday's deadline.

After months of seemingly collegial talks, Chinese trade envoy Liu He returns to the bargaining table in the U.S. capital under a tense atmosphere after USA negotiators accused Beijing of reneging on previously agreed commitments.

"The reason for the China pullback & attempted renegotiation of the Trade Deal is the honest HOPE that they will be able to 'negotiate" with Joe Biden or one of the very weak Democrats, ' Trump tweeted on Wednesday. We can't have that.

"As we have said before, everybody loses in a protracted trade conflict", the body which aims to ensure global financial stability said in a statement, calling for a "speedy resolution".

On Sunday, Trump took to Twitter to express frustration with the pace of the talks.

Trump also has sought massive hikes in Chinese purchases of United States farm, energy and manufactured products to shrink a gaping U.S. trade deficit with China. Trump tweeted, threatening to raise the tariffs. But China says the US was ready to make significant concessions, which may have prompted officials to scale back their previous commitments.

"I am different than a lot of people", Trump said. "It'll be the old-fashioned way, the way we used to do it: We made our own product".

The Dow and broader USA stock market resumed their selloff on Thursday after China hardened its stance on free-trade negotiations following a new tariff threat from President Trump earlier this week.

These tensions surrounding the current trade negotiations have been supportive of gold prices as the precious yellow metal is considered a safe-haven asset.

But regulators are running out of USA goods for penalties owing to the lopsided trade balance.

Earlier in the day, China's commerce ministry had struck a defiant note.

China appealed to the United States to help salvage the deal earlier on Thursday.

Both parties are still scheduled to talk things over later today and we're yet to hear of any news about the Trump-Xi phone call, if it even happens. "Let's see if we can get something done".



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