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[webfact]

Trump-Xi summit will not happen in March: Mnuchin

By David Lawder and Jeff Mason

 

FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin testifies at U.S. House Ways and Means Committee hearing on President Donald Trump's proposed budget in Washington, U.S., March 14, 2019. REUTERS/Mary F. Calvert

 

WASHINGTON (Reuters) - A summit to seal a trade deal between U.S. President Donald Trump and Chinese President Xi Jinping will not happen at the end of March as previously discussed because more work is needed in U.S.-China negotiations, Treasury Secretary Steven Mnuchin said on Thursday.

 

Mnuchin, speaking to reporters following a U.S. Senate Finance Committee hearing, said both sides were "working in good faith" to try to reach a deal "as quickly as possible."

 

"There's still a lot of work to do, but we're very comfortable with where we are," Mnuchin said. "I don't think there's anything significantly different on the currency issue from where we were last time."

 

Since Trump delayed a threatened March 1 tariff hike on Chinese goods following a late February round of talks, no new face-to-face meetings have been scheduled in the negotiations. But Trump and other administration officials have since sought to portray the talks as still making progress.

 

"We're doing very well with China talks," Trump told reporters at the White House on Thursday as he sat down to meet Irish Prime Minister Leo Varadkar. "We're getting what we have to get, and I think we're getting it relatively quickly."

 

At another White House event later on Thursday, Trump said: "Probably one way or the other we’re going to know over the next three or four weeks." He added that China had been "very responsible and very reasonable."

 

Trump acknowledged on Wednesday that Xi may be reluctant to come to the U.S. president's Mar-a-Lago estate in Florida without an agreement in hand after seeing Trump end a separate summit in Vietnam with North Korean leader Kim Jong Un without a peace deal. But he said he was in no rush to complete a trade deal with China.

 

Washington and Beijing have been locked in a tit-for-tat tariff battle as U.S. officials press China for an end to practices and policies it argues have given Chinese firms unfair advantages, including subsidizing of industry, limits on access for foreign companies and alleged theft of intellectual property.

 

At a separate hearing in the House of Representatives on Thursday, Mnuchin said he expected elements of the discussions to be resolved in the near future, as the two sides pore over a 150-page document they are working on.

 

The United States and China have slapped import duties on each other's products that have cost the world's two largest economies billions of dollars, roiled markets and disrupted manufacturing supply chains.

 

"As to whether or not we'll strike a final deal, that I would never want to say," Trump said on Thursday. "If it's not a deal that's a great deal for us, we're not going to make it."

 

A person familiar with the matter told Reuters there "were rumblings" about a possible meeting late next month.

 

China's state-run news agency Xinhua, in a brief report on Friday, said Chinese Vice Premier Liu He had spoken by telephone with both Mnuchin and U.S. Trade Representative Robert Lighthizer and the two sides made further substantive progress on trade talks.

 

It gave no other details, other than describing it as a third telephone call.

 

(Reporting by David Lawder and Jeff Mason; Additional reporting by Jason Lange and Steve Holland, and Ben Blanchard in BEIJING; Writing by Tim Ahmann and Chris Prentice; Editing by Phil Berlowitz and Peter Cooney)

 

 

-- © Copyright Reuters 2019-03-15

[Cryingdick]

IP property theft is a big one here. Also the practice of making American firms basically give away their trade secrets to trade in China. Xi will attempt to out wait Trump. China is in trouble and six years is a long time. 

[bristolboy]

24 minutes ago, Cryingdick said:

IP property theft is a big one here. Also the practice of making American firms basically give away their trade secrets to trade in China. Xi will attempt to out wait Trump. China is in trouble and six years is a long time. 

But 22 months not so much.

[harada]

What happened to trade wars are easy to win.

[usviphotography]

5 hours ago, Cryingdick said:

IP property theft is a big one here. Also the practice of making American firms basically give away their trade secrets to trade in China. Xi will attempt to out wait Trump. China is in trouble and six years is a long time. 

Six years is not long time in Chinese thinking. And they have been through far worse than the economic contraction they are set to face in the coming years. Unless the American Political Establishment rallies around America's position in this dispute, the Chinese will simply wait Trump out. Six years of hardship and then getting everything you want is better than a compromise in which you give away a significant portion of your advantages forever. 

Edited March 15, 2019 by usviphotography

[Srikcir]

7 hours ago, webfact said:

as the two sides pore over a 150-page document they are working on.

To be called NAMOU - Not A Memorandum of Understanding ?

Trump doesn't see an MOU as a contractually binding agreement. So Mnuchin and Vice-Premier Liu He will put a special label on the document so Trump will not be confused and sign it.

[Paul Henry]

XI has Trump by the B-lls. The Big promises Trump made have all fallen in a heap.Ask the farmers,Ask the steel/aluminum smelter workers, ask the American workers waiting for all the manufacturing jobs to start.

Price increases on Chinese manufactured goods are about to hit. TV, washing machines,audio equipment, auto components the list goes on and on. America is ready to go into economic decline. Thanks Donald

[helpisgood]

3 hours ago, harada said:

What happened to trade wars are easy to win.

Obviously just as easy as getting Mexico to pay for the "beautiful wall."

 

Thanks for the laugh!

[Tug]

The Chinese are master negotiators Donald not so much(to put it politely)to the Chinese they think over the long term Donald thinks as far as the next news cycle sad Donald sad 

[DrTuner]

I was watching NHK today and in the news there was a mention of China having implemented some laws to end forced intellectual property transfer, apparently they were rushed through in record time. However now when I try to google it .. nada. Has it gone so far that anything that would be positive for Trump is not being reported anymore?

 

https://www3.nhk.or.jp/nhkworld/en/news/20190315_29/

 

In the meantime, CNN thinks this is important enough to put on their front webpage:

 

 

Bias much?

Edited March 15, 2019 by DrTuner

[bristolboy]

10 minutes ago, DrTuner said:

I was watching NHK today and in the news there was a mention of China having implemented some laws to end forced intellectual property transfer, apparently they were rushed through in record time. However now when I try to google it .. nada. Has it gone so far that anything that would be positive for Trump is not being reported anymore?

 

https://www3.nhk.or.jp/nhkworld/en/news/20190315_29/

 

In the meantime, CNN thinks this is important enough to put on their front webpage:

 

 

Bias much?

So even when CNN is not referring to Trump they're biased? Or are you just obsessed? I guess Fox News is biased too since I could find no trace of that law you were referring to on their pages either.

[DrTuner]

21 minutes ago, bristolboy said:

So even when CNN is not referring to Trump they're biased? 

CNN is spouting feminist propaganda every single day on their website. 

[bristolboy]

26 minutes ago, DrTuner said:

CNN is spouting feminist propaganda every single day on their website. 

I just went there. Couldn't find any. But even if that were the case, that somehow proves bias against Trump? Obsessed much?

[Guest Jerry787]

who wants to meet trump anymore ... ?
Xi is too busy improving China economy and expanding world trade, not to meet a loser showman, with racist and supremacist ideas... 

 

[mrwebb8825]

On 3/16/2019 at 6:34 PM, Jerry787 said:

who wants to meet trump anymore ... ?
Xi is too busy improving China economy and expanding world trade, not to meet a loser showman, with racist and supremacist ideas... 

 

Really?

"In a draft law on foreign investment released earlier this week, Beijing proposed greater intellectual property protection for overseas firms operating in China and to refrain from interfering in the operation of foreign businesses. The law, published by the top legislature, could help address long-standing U.S. concerns that China is systematically stealing American companies’ technological know-how."

 

Perhaps this is the new trade laws referred to above. And as for Xi being too bust growing China's economy:

"The move came amid continued signs that China’s economy is losing steam. The government reported that industrial output grew in November at the slowest pace in a decade, in good part because of the trade war with the United States and a drop in domestic auto production."

 

https://www.latimes.com/world/asia/la-fg-china-us-trade-20181228-story.html

 

There's therapy for your TDS available somewhere.