Trump says U.S.-China trade deal may be reached in four weeks

[webfact]

Trump says U.S.-China trade deal may be reached in four weeks

By Jeff Mason and David Lawder

 

U.S. President Donald Trump meets with China's Vice Premier Liu He in the Oval Office of the White House in Washington, U.S., April 4, 2019. REUTERS/Jonathan Ernst TPX IMAGES OF THE DAY

 

WASHINGTON (Reuters) - U.S. President Donald Trump said on Thursday the United States and China were getting very close to a trade deal that could be announced within four weeks, but he issued a warning to Beijing that, absent a pact, it would be difficult to allow trade to continue.

 

Speaking to reporters at the White House at the start of a meeting with Chinese Vice Premier Liu He, Trump said some of the tougher points of a deal had been agreed but there were still differences to be bridged.

 

"We're getting very close to making a deal. That doesn’t mean a deal is made, because it's not, but we're certainly getting a lot closer," Trump said in the Oval Office.

 

"And I would think with, oh, within the next four weeks or maybe less, maybe more, whatever it takes, something very monumental could be announced."

Trump said he would hold a summit with Chinese President Xi Jinping if there were a deal.

 

The two countries are engaged in intense negotiations to end a months-long trade war that has rattled global markets.

 

Trump declined to say what would happen to U.S. tariffs on $250 billion worth of goods as part of a deal. China wants the tariffs lifted, while U.S. officials are wary of giving up that leverage, at least for now.

 

Asked about the benefits of an agreement for China, Trump said: "It’s going to be great for China, in that China will continue to trade with the United States. I mean, otherwise, it would be very tough for us to allow that to happen."

 

Goods trade between the United States and China, the world's two largest economies, totaled $660 billion last year, according to U.S. Census Bureau data, consisting of imports of $540 billion from China and $120 billion in exports to China.

 

On China's behalf, Liu cited "great progress" in the talks because of Trump's direct involvement and expressed hope that the talks would lead to "a good result."

 

U.S. SEEKS SWEEPING CHANGES

Trump has previously threatened to impose punitive tariffs on all imports from China, more than a half-trillion dollars worth of products.

U.S. Trade Representative Robert Lighthizer, who is leading the talks for the Trump administration, said there were still some "major, major issues" to resolve and praised Liu's commitment to reform in China.

 

Asked about the remaining sticking points, Trump mentioned tariffs and intellectual property theft. He said he would discuss tariffs with Liu in their meeting.

 

"Some of the toughest things have been agreed to," Trump said. He later said that an enforcement plan for a deal remained a sticking point as well. "We have to make sure there’s enforcement. I think we'll get that done. We've discussed it at length," he said.

 

Lighthizer and Treasury Secretary Steven Mnuchin are holding talks in Washington with a Chinese delegation this week after meeting together in Beijing last week. The current round of talks is scheduled to go through Friday and possibly longer.

 

Hopes that the talks were moving in a positive direction have cheered financial markets in recent weeks. But U.S. stocks were mixed on Thursday as investors waited for more developments in the trade negotiations, with the Dow Jones industrial Average slightly higher, and the S&P 500 and Nasdaq Composite slightly lower.

 

The United States is seeking reforms to Chinese practices that it says result in the theft of U.S. intellectual property and the forced transfer of technology from U.S. companies to Chinese firms.

 

Administration officials initially envisioned a summit between Trump and Xi potentially taking place in March, but some U.S. lawmakers and lobbying groups have said recently they were told that the administration was now aiming for a deal in late April.

 

OUTSTANDING ISSUES

White House economic adviser Larry Kudlow said last week that the talks were "not time dependent" and could be extended for weeks or even months longer.

 

While some reform pledges by Beijing are largely set, including an agreement to avoid currency manipulation, an enforcement mechanism to ensure that China keeps its pledges and the status of U.S. tariffs on $250 billion worth of Chinese goods must be resolved.

 

"China has been very clear, publicly and privately, that they would like to see all the tariffs removed," U.S. Chamber of Commerce international affairs chief Myron Brilliant told reporters on Tuesday. "The (Trump) administration has been equally clear that they want to keep some of the tariffs in place as a way to have leverage over China fulfilling its obligations under whatever final package is reached."

 

(Reporting by Jeff Mason and David Lawder; Additional reporting by Chris Prentice; Editing by Peter Cooney)

 

-- © Copyright Reuters 2019-04-05

[Tug]

I’m going to take a wait and see on this one hoping for the best but I suspect a shiney object distraction or an outrite lie

[zydeco]

Yesterday, Bloomberg reported that Trump was giving China a deadline of the year 2025. Now, he says four weeks. Whatever he does, it means he is going to cave. China will continue to steal technology, use its state owned businesses to block out competitors while expanding into the competitors' own countries, expand its military based on what it has gained through trade. At least FDR recognized what the Japanese were doing in the 1930s and embargoed them. Trump is going to let the Chinese raise their flag over the White House. If it's not there already.

Edited April 5, 2019 by zydeco

[bristolboy]

40 minutes ago, zydeco said:

Yesterday, Bloomberg reported that Trump was giving China a deadline of the year 2025. Now, he says four weeks. Whatever he does, it means he is going to cave. China will continue to steal technology, use its state owned businesses to block out competitors while expanding into the competitors' own countries, expand its military based on what it has gained through trade. At least FDR recognized what the Japanese were doing in the 1930s and embargoed them. Trump is going to let the Chinese raise their flag over the White House. If it's not there already.

What he'll settle for is a chinese pledge to buy  more stuff like agricultural products from the USA. But that's got nothing to do with opening up China to more competition. Just a case of a government committing itself to buying. Trump did have a chance to send the Chinese a tough message in the case of ZTE. But he retreaded and instead of in effect forcing the company to shut down, he went along with imposing a big fine.

[Bluespunk]

3 hours ago, webfact said:

We're getting very close to making a deal. That doesn’t mean a deal is made, because it's not, but we're certainly getting a lot closer," Trump said in the Oval Office.

 

"And I would think with, oh, within the next four weeks or maybe less, maybe more, whatever it takes, something very monumental could be announced."

Oh good, that clears everything up...

 

As clear as mud. 

Edited April 5, 2019 by Bluespunk

[zydeco]

2 hours ago, bristolboy said:

What he'll settle for is a chinese pledge to buy  more stuff like agricultural products from the USA. But that's got nothing to do with opening up China to more competition. Just a case of a government committing itself to buying. Trump did have a chance to send the Chinese a tough message in the case of ZTE. But he retreaded and instead of in effect forcing the company to shut down, he went along with imposing a big fine.

Well, the thing about China buying more food, energy, and timber from the US means, of course, that American citizens will pay more for those items. More for food, more for housing, more for transportation. Meanwhile, Americans have their land fracked and strip-mined to ship everything to China. 

[rudi49jr]

6 hours ago, webfact said:

Trump says U.S.-China trade deal may be reached in four weeks

Trump says a lot of things that turn out to be hogwash at best and often even blatant lies: 9,000 verifiable ones (give or take) counted so far during his presidency. It’s a miracle to me how anyone can still believe a word this guy says. I do hope they strike a deal with China soon, though.

[Ulic]

The problem with China is they will promise basically everything you want, and then simply not deliver. For 50 years from the time of the Nixon administration they have been 100% committed to opening up their markets. It just has never happened. Intellectual property theft,  forced technology transfer, 51% Chinese partners, and a market closed to foreign companies are complaints of the EU and other countries, not just the US/DT. Trump is just the only person/country standing up to them and saying these things have to change. Of course, Chinese environmental standards and human rights should be part of the negotiations as well but I guess Trump will leave the EU to fight that battle. After waiting 50 years for the Chinese to open up their markets you would be understanding as to why the US is reluctant to drop tariffs until after China shows that things have actually changed. Hopefully, the US/DT does not fall for the, "these things take time" line the Chinese always push. Increase the tariffs, and tell the Chinese they will be dropped only after benchmarks have been reached. IE. 100% compliance, not promises of future compliance.  

[farcanell]

 

13 hours ago, Tug said:

I’m going to take a wait and see on this one hoping for the best but I suspect a shiney object distraction or an outrite lie

 

13 hours ago, webfact said:

And I would think with, oh, within the next four weeks or maybe less, maybe more, whatever it takes, something very monumental could be announced."

Just don’t go holding your breath whilst waiting.... it could be detrimental to your health.