Trump pre­dicts he’ll make trade deal with China

The Myanmar Times - - International Business -

PRES­I­DENT Don­ald Trump ex­pressed con­fi­dence he can reach a deal to end a bur­geon­ing trade war with China, say­ing he will meet his Chi­nese coun­ter­part at the Group of 20 meet­ings in Ar­gentina in about a month.

“I think we’ll make a deal with China, and I think it will be a very fair deal for ev­ery­body,” Trump said Fri­day at the White House be­fore leav­ing for po­lit­i­cal ral­lies in West Vir­ginia and In­di­ana.

Trump said he will have din­ner with Pres­i­dent Xi Jin­ping of China at the Nov. 30-Dec. 1 sum­mit of in­dus­trial and emerg­ing mar­ket na­tions.

The Trump-Xi meet­ing would be the first since the two coun­tries be­gan hit­ting each other with im­port taxes ear­lier this year. The United States has tar­geted $250 bil­lion in Chi­nese prod­ucts, and Bei­jing has lashed back by slap­ping tar­iffs on $110 mil­lion worth of U.S. goods. Trump has threat­ened to im­pose tar­iffs on an­other $267 bil­lion in Chi­nese im­ports – a move that would cover vir­tu­ally ev­ery­thing China ships to the United States.

The world’s two big­gest economies are locked in a dis­pute over U.S. com­plaints that China is us­ing preda­tory tac­tics in a drive to sup­plant Amer­i­can tech­no­log­i­cal dom­i­nance. These in­clude out­right cy­bertheft and forc­ing U.S. com­pa­nies to hand over trade se­crets as the price of ad­mis­sion to the Chi­nese mar­ket.

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

The two lead­ers agreed to “strengthen eco­nomic ex­changes,” said a min­istry spokesman, Lu Kang. He gave no in­di­ca­tion whether they made progress on set­tling the es­ca­lat­ing tar­iff war over Bei­jing’s tech­nol­ogy pol­icy.

Trump told re­porters in Wash­ing­ton that “I know they want to make a deal.” He added that any deal reached must be “fair.”

But Larry Kud­low, Trump’s top eco­nomic ad­viser, sounded a more cau­tious note on CNBC Fri­day. “We are not on the cusp of a deal,” Kud­low said. “As the pres­i­dent said, we would like to talk to them about it, but they may not be ready.”

Trump has railed against the U.S. trade im­bal­ance with China since his pres­i­den­tial cam­paign, and his ad­min­is­tra­tion has grown in­creas­ingly vo­cal about call­ing out al­leged cor­po­rate es­pi­onage and in­tel­lec­tual prop­erty theft by Chi­nese en­ti­ties.

“Both lead­ers at­tach great im­por­tance to China-U.S. ties and eco­nomic ties,” Lu said. “Pres­i­dent Xi Jin­ping also stressed that China-U.S. trade has long been serv­ing as bal­last and a sta­bi­lizer for China-U.S. re­la­tions.”

– AP

Photo: AP

Pres­i­dent Don­ald Trump and Chi­nese Pres­i­dent Xi Jin Ping in Bei­jing last year.

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