China hails Trump-Xi sum­mit, says 'very con­fi­dent' in trade deal

Observer on Saturday - - News -

China on Thurs­day ex­pressed con­fi­dence in strik­ing a trade deal with the United States within their 90-day cease­fire pe­riod, prais­ing the re­cent meet­ing be­tween US Pres­i­dent Don­ald Trump and Chi­nese Pres­i­dent Xi Jin­ping as highly suc­cess­ful.

In Ar­gentina last week­end, Trump and Xi agreed to a truce that de­layed the planned Jan. 1 US hike of tar­iffs to 25 per­cent from 10 per­cent on $200 bil­lion (157.16 bil­lion pounds) of Chi­nese goods while they ne­go­ti­ate a trade deal. “We are very con­fi­dent in reach­ing an agree­ment (with the United States) within the next 90 days,” China’s Com­merce Min­istry spokesman Gao Feng said in a weekly brief­ing, adding both sides have been com­mu­ni­cat­ing and co­op­er­at­ing “smoothly” since the lead­ers met in Ar­gentina. China’s ul­ti­mate goal dur­ing the 90-day trade talks is to re­move all US tar­iffs im­posed on Chi­nese goods, Gao said. His com­ments come as the ar­rest of a top ex­ec­u­tive of Chi­nese tech gi­ant Huawei [HWT.UL] by Cana­dian author­i­ties, on Wash­ing­ton’s re­quest, threat­ens to spark a flare-up in ten­sions be­tween the world’s two eco­nomic pow­er­houses once again.

The two coun­tries have hit each other with tit-for-tar­iffs on goods worth hun­dreds of bil­lions of dol­lars in sec­tors from au­to­mo­biles to agriculture and en­ergy, stymy­ing trade and re­draw­ing global sup­ply chains.

BEI­JING -

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