China deal talks are moving along nicely, Trump insists

China deal talks are moving along nicely, Trump insists

"We're getting very close to making a deal".

The president also confirmed that the main sticking points remain measures to curb what the USA says is theft of intellectual property and whether existing tariffs would be removed.

Once the US and China have reached a trade deal, the world's largest economy will amplify tensions with the European Union, according to the chief economist of the Organization for Economic Co-operation and Development (OECD).

China touted "new progress" after last week's talks and both sides have been working line-by-line through the text of an agreement that can be put before Trump and his Chinese counterpart Xi Jinping, according to people familiar with the matter.

Mr Xi said that in the past month or more, the two sides' trade teams had maintained close contact and "achieved new and substantive progress on issues in the text of two countries' trade agreement".

The Chinese economy clearly fluctuates much more than the USA based on good or bad news about progress in trade talks. China wants the tariffs lifted, while US officials are wary of giving up that leverage, at least for now. If we don't have a deal, we're not going to have a summit, ' he said. "It's looking very good". This was actually done to bring a change in the way China carried out business with the other countries of the world and to make more of Chinese economy open to the United States firms.

Trump is scheduled to meet with China's top trade negotiator, Liu He, at 4:30 p.m. (2030 GMT) at the White House after another day of talks between top trade officials from both countries.

No details were announced but Trump said after meeting with Chinese Vice Premier Liu He that "something monumental" could be announced within weeks. China too slapped reciprocal tariffs on some U.S. products. He also stated that they had already agreed to some of the toughest things.

Those structural issues along with the way a potential deal would be enforced have been sticking points during months of talks between the world's two largest economies.

" Among Russia, China and us, we are actually all developing weapons for hundreds of billions of dollars, capable of mass destructions, that is outrageous". I get along with him great. 'There is a very good chance that we're having a summit, ' he added.

Lighthizer and Treasury Secretary Steven Mnuchin are holding talks in Washington with a Chinese delegation this week after meeting together in Beijing last week.

An administration official, who spoke on the condition of anonymity, said that talks would continue in Washington on Friday.

In recent bargainingsessions, negotiators have closed the gap on provisions governing digital trade, and access forAmericanbanks and financial institutions to China's market.

The US accuses China of stealing intellectual property from American firms, forcing them to transfer technology to China.

Mr. Liu said Mr. Xi believes that "strategic leadership" was needed for the "healthy, stable development of China-US ties".

"There's no let up here, this is an ongoing process", Kudlow said.

The sides mainly disagree on the USA stand to retain some tariffs as an enforcement tool, according to an official.

Washington and Beijing since previous year have slapped tariffs on more than $360 billion in 2-way trade, biting into their manufacturing sectors as the world economy shows signs of slowing.

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