Economy

Trump to meet with top Chinese trade negotiator Friday

Trump to meet with top Chinese trade negotiator Friday”

"We are not aware of a change in the Vice Premier's travel plans at this time", a White House spokesman told CNBC.

Liu said the Chinese delegation "came to the negotiations with utmost sincerity" and "is willing to carry out serious dialogue with the US side on issues of mutual concern, including trade balance, market access and investor protection", the official Xinhua News Agency reported.

As trade talks between the U.S. and China unfold in Washington, a series of conflicting news reports have thrown markets into confusion, with U.S. and Asian futures indexes briefly dropping upon news the talks had ended in failure.

In a tweet, Trump said he would meet the following day with Vice Premier Liu He, who returned to the negotiating table on Thursday amid a blitz of aggressive USA maneuvers, with hopes for a grand bargain between the economic powers this week near zero. "I meet with the Vice Premier tomorrow at The White House", Trump said on Twitter. There could be a bit of "front running" of the potential deal but I would be very cautious about taking that position as it's very likely to be unsafe to say the least.

The trade talks will actually be over until the markets are closed on Friday more than likely, so I don't know what to expect other than volatility. Another possibility is that talks conclude on Thursday after one day of negotiations.

Trump last week approved licenses for some American companies to sell nonsensitive goods to Huawei Technologies Co., the New York Times reported, citing people familiar with the move.

The U.S. Treasury, which is in charge of monitoring potential currency manipulators, is expected to publish its next report on the foreign-exchange policies of major trading partners around mid-October.

Mr. Trump said there were some tremendous deals under negotiation. "The transparency of these negotiations are overwhelming for markets but, I remain optimistic about the outcome". He said he hoped a productive meeting would persuade the Trump administration to call off or postpone plans next Tuesday to hike tariffs on $250bn of Chinese imports from 25% to 30%.

Tom Block, Fundstrat, a Washington research strategist, said the latest affront to China was the USA imposition of visa restrictions on some officials believed to be involved in the detention and human rights abuses of Uighur Muslims and other minority groups.

While previous lower-level talks between USA and Chinese officials aimed to create a good atmosphere for the upcoming meeting, the U.S. blacklisting of 28 Chinese companies has generated a negative atmosphere instead, Chinese officials said.

Earlier in the week, the Department of Commerce added 28 new Chinese companies and agencies to a "blacklist". It remains to be seen what deals - or lack of them - might result, however for the moment it appears markets have settled on a cautious optimism. The paper is owned by Alibaba and is often criticized for reports seen as favoring the Chinese government.



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