Team Trump shuts down talk of trade deal with China

03 November, 2018, 03:52 | Author: Corey Lynch

"They all want to do it".

Meanwhile, White House economic adviser Larry Kudlow said at an event in Washington that Trump and Xi might be able to break the logjam on issues during the Nov 30-Dec 1 summit. Trump has threatened to impose tariffs on another US$267b in Chinese imports - a move that would cover virtually everything China ships to the United States.

Washington's demands included opening up China further to US investments and abolishing the country's foreign-ownership caps. Trump points to stock prices as a barometer for his administration's economic success - blaming the Federal Reserve and Democrats for declines.

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. Asian stocks built on the best weekly rally since September on Friday, with South Korean and Japanese stocks leading the advance.

Team Trump on Friday threw cold water on reports that the administration was close to cutting a trade deal with China.

Trump made no mention of whether the two leaders talked about the US indictment unveiled Thursday of two companies based in China and Taiwan accusing them of stealing trade secrets from a USA semiconductor company, Micron Technology Inc.




"The best possible outcome of the Xi-Trump meeting would be a suspension of imposing tariffs on each other, but the U.S. would continue its all-out blockade on China's technology development", said Shi Yinhong, a professor on global relations at Renmin University and an adviser to Beijing. "As the president said, we would like to talk to them about it, but they may not be ready".

On Thursday, the U.S. accused a Chinese state-owned company of conspiring to steal trade secrets of USA chip-maker Micron Technology Inc as part of a Justice Department crackdown against China in cases of suspected economic espionage. "We talked about many subjects, with a heavy emphasis on Trade", the United States president tweeted. An early-December announcement of a new product list could make the effective date - after a 60-day public comment period - coincide with China's Lunar New Year holiday in early February.

Beijing has hit back with its own duties on USA imports.

The two countries have imposed tariffs on hundreds of billions of dollars of each other's goods and Trump has threatened to extend the tariffs to the remainder of China's $500 billion-plus exports to the United States if the disputes can not be resolved.

"Frankly, the principal culprit is China", he said.

Xi on Thursday said he looks forward to meeting with Trump at the G20 in Argentina, according to China's state media.

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