Trump Wants Big Trade Deal With China or Will 'Postpone' It

Trump Wants Big Trade Deal With China or Will 'Postpone' It

Writing on Twitter, Trump said that while he plans to meet with "China's top trade negotiators" today in the Oval Office, he has no intentions of striking a formal trade deal until he meets face-to-face with Chinese President Xi Jinping.

"Meetings are going well with good intent and spirit on both sides", Trump wrote.

'We're trying to work out a new trade deal with China.

As part of the deal, Trump agreed to postpone the planned increase in tariffs on $200 billion worth of Chinese goods.

Trump said he was looking for China to open its markets "not only to Financial Services, which they are now doing, but also to our Manufacturing, Farmers and other USA businesses and industries".

U.S. President Donald Trump announces a deal to end the partial government shutdown as he speaks in the Rose Garden of the White House in Washington, U.S., January 25, 2019.

The Trump administration has imposed punitive tariffs on $250 billion worth of Chinese imports to compel Beijing to change its trading practices, prompting Beijing to retaliate with its own tariff increases on $110 billion of USA exports.

Also hanging over the talks is are US indictments against Chinese top telecommunications equipment maker Huawei Technologies Co, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc. Beijing shot back by demanding that the Trump administration pull back from what it called an "unreasonable crackdown" on the Chinese maker of smartphones and telecom gear. Treasury Secretary Steven Mnuchin declared the trade war "on hold" after China had agreed to step up its purchases of USA goods, especially in agriculture and energy, and narrow America's huge trade deficit with China. And he has emerged as the U.S. strongman in the ongoing trade negotiations, determined to force changes in Beijing's economic policies.

There is widespread scepticism that the two sides can reach a substantive deal by the 1 March deadline.

He pushed Trump to renegotiate NAFTA and vigorously defended the punitive tariffs imposed on United States imports of steel and aluminum, a protectionist measure that prompted the departure of Trump's former chief economic adviser, Gary Cohn, who was more pragmatic than dogmatic and highly respected by financial markets. "The talks will continue and you can not expect to solve all the issues at once", said Liu Weidong, expert in U.S. affairs at the Chinese Academy of Social Sciences.

US officials and some analysts say they believe its weakening economy will pressure the Chinese into making concessions. He has also imposed global tariffs on imported steel and aluminum, washing machines and solar panels and has threatened to raise tariffs on imported cars unless Japan and the European Union offer trade concessions.

Chinese officials have said their policies do not coerce technology transfers.

The Chinese Communist Party's (CCP) expedited its review of the foreign investment law, which was meant to serve as a bargaining chip for trade negotiations, according to Xie Tian, a professor at the University of SC.

With just about one month to go before the U.S. "Those are separate issues", Treasury Secretary Steve Mnuchin told United States media ahead of the talks.

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