Donald Trump predicts trade deal with China

03 November, 2018, 03:54 | Author: Kevin Carter
  • To Trump's trade czar the key to boosting U.S. industry is playing hardball with China

The Trump administration this year has already imposed tariffs on $250 billion in trade with China and is threatening to impose tariffs on all remaining imports from China, which last year were worth $505 billion.

China's Premier Li Keqiang, right, speaks next to Tennessee Senator Lamar Alexander during a meeting with a group of U.S. Republican senators and Congress members at Zhongnanhai leadership compound in Beijing, Thursday, Nov. 1, 2018. "We talked about many subjects, with a heavy emphasis on Trade", Mr Trump tweeted.

Beijing and Washington have been involved in a trade spat since April 2018, when the United States started imposing steep tariffs on goods from China.

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.

"The economic teams of the two countries should strengthen contact, conduct consultations on issues of mutual concern, and push for a mutually acceptable solution to China-US economic and trade issues", Xi said. It "likely reflects the fact that businesses in the USA are starting to feel the impact of the trade conflict through higher prices and squeezed margins", she said.

"Positive comments from President Trump over US-China trade tension are cheering the market in the short term", said Tai Hui, chief market strategist for Asia Pacific at JP Morgan Asset Management.

Earlier Friday, the Chinese foreign ministry said Trump and Xi had an "extremely positive" phone conversation Thursday.

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The U.S. goods trade deficit with China hit a new record high climbing 4.3 percent to $40.2 billion in September, according to a Commerce Department report released Friday.

President Trump has made very clear to China that they must change their "unfair" trade practices including theft of US intellectual property.

The United States has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods.

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. "Those discussions are moving along nicely with meetings being scheduled at the G20 in Argentina".

Beijing has hit back with its own duties on United States imports. "Also had good discussion on North Korea!"

China has responded with retaliatory duties on $110-billion worth of US goods.

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