U.S. and China 'getting close' to trade deal - White House economic adviser

[webfact]

U.S. and China 'getting close' to trade deal - White House economic adviser

By Andrea Shalal

 

FILE PHOTO: Director of the National Economic Council Larry Kudlow speaks to the media at the White House in Washington, U.S., September 6, 2019. REUTERS/Joshua Roberts/File Photo

 

WASHINGTON (Reuters) - The United States and China are getting close to a trade agreement, White House economic adviser Larry Kudlow said on Thursday, citing what he called very constructive talks with Beijing about ending a 16-month trade war.

 

Kudlow said negotiators for the world's two largest economies were in close touch via telephone but he gave no further details on the timing of a possible deal.

 

"We're getting close," he told an event at the Council on Foreign Relations in Washington. "The mood music is pretty good, and that has not always been so in these things."

 

The United States and China have been locked in successive waves of tit-for-tat tariffs that have roiled financial markets and threaten to drag growth in the global economy to its lowest rate since the 2007-2008 financial crisis.

 

Markets are anxiously awaiting an agreement to end uncertainty that has slowed business investment around the globe. An agreement had appeared likely in May, but those prospects were dashed after U.S. negotiators said China backed away from the text of a draft agreement.

 

Kudlow's comments could ease market concerns that flared again this week amid reports that the trade talks had hit a snag over how and when to reduce tariffs, and what level of agricultural purchases could be expected from China.

 

Markets also soured after U.S. President Donald Trump on Tuesday said he could impose substantial new tariffs on China if no deal was reached.

Kudlow told the audience he had just come from a meeting of the top Trump administration trade officials and was more optimistic.

 

"It's not done yet, but there has been very good progress and the talks have been very constructive," he told the event.

 

He also opened the door to the possibility that Trump and Chinese President Xi Jinping would not need to meet in person to clinch a deal.

 

Trump had hoped to sign the "phase one" agreement with China on the sidelines of the Asian-Pacific Economic Cooperation summit in Chile this month, but that possibility disappeared after Chile withdrew from hosting the event.

 

Kudlow said the White House had hoped to stick to that general timetable. He joked that his preference was for the deal to be signed in his office on the second floor of the White House.

 

"I don't like to travel," he quipped.

 

(Reporting by Andrea Shalal; editing by Sandra Maler and Grant McCool)

 

-- © Copyright Reuters 2019-11-15

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[Tug]

I’ll belive it when I see it then I’ll need to know if it’s different or just more trump bs

[neeray]

1 hour ago, webfact said:

awaiting an agreement to end uncertainty that has slowed business

We're all waiting anxiously ! My little business is one of millions affected.

 

"We'll see. We'll see how it goes"

[harada]

And in another couple of days another one of Trumps minions will criticise the Chinese and the market will take another dive, is it just me or is there a bit of stock market manipulation going on with these announcements.

[Enoon]

34 minutes ago, harada said:

And in another couple of days another one of Trumps minions will criticise the Chinese and the market will take another dive, is it just me or is there a bit of stock market manipulation going on with these announcements.

 

More likely that Trump himself will put his foot in it.

 

 

[trainman34014]

It's been 'close' for months but when will it ever be closed ?

[zydeco]

9 hours ago, harada said:

And in another couple of days another one of Trumps minions will criticise the Chinese and the market will take another dive, is it just me or is there a bit of stock market manipulation going on with these announcements.

These press releases are timed. Kudlow's came when futures were ready to move on any algo driven news.  And the tag team continues, with Wilbur Ross saying the deal was near when futures opened this morning.  Expect a Trump tweet to top it off during the market are right at the open. Best economy evah!  With a 23 trillion dollar debt, more QE, Trump banging on the table for negative interest rates, and GDP struggling to hit 2 percent. All this debt and GDP doesn't budge. Trump, making America the next Venezuela.

[Eric Loh]

11 hours ago, webfact said:

U.S. and China 'getting close' to trade deal -

Has the fat man sung? 

[Cryingdick]

9 hours ago, harada said:

And in another couple of days another one of Trumps minions will criticise the Chinese and the market will take another dive, is it just me or is there a bit of stock market manipulation going on with these announcements.

 

Buy the rumors, sell the news. Lots of volatility and dips are creating phenomenal buying opportunities. 

[EVENKEEL]

Just waiting for a nose dive so I can jump back in.

[Cryingdick]

1 minute ago, EVENKEEL said:

Just waiting for a nose dive so I can jump back in.

 

Not sure about that. Looks like a melt up happening now. Maybe just pick what you want and try to buy the small pull backs. If even a minor deal is done and eventually USCMA goes through it is going to be an explosive spike up.

[rickb]

Seems like China is being China in these negotiations.  I worked on several major contracts with Chinese companies and they always made you believe the negotiation was just about complete.  Then they'd drop another grenade with a new problem which resulted in more negotiations and still no deal.  How many times have we heard the administration say that the deal was just about consummated and then we see nothing for a long while?  I'll actually be very surprised if a deal is ever struck with China.  Could be China is just stalling to see if Trump will win re-election, believing that if Trump doesn't win another four years, the next president will likely be easier to deal with than Trump.  I hope not!  But, we'll see.  

[Cryingdick]

3 minutes ago, rickb said:

Seems like China is being China in these negotiations.  I worked on several major contracts with Chinese companies and they always made you believe the negotiation was just about complete.  Then they'd drop another grenade with a new problem which resulted in more negotiations and still no deal.  How many times have we heard the administration say that the deal was just about consummated and then we see nothing for a long while?  I'll actually be very surprised if a deal is ever struck with China.  Could be China is just stalling to see if Trump will win re-election, believing that if Trump doesn't win another four years, the next president will likely be easier to deal with than Trump.  I hope not!  But, we'll see.  

 

I think the Chinese are beginning to realize if they don't like Trump imagine dealing with somebody like Warren or Sanders. Although the chances of either winning seem to be less with each passing day. Communist China doesn't want to meet Socialist America that would be a disaster for all involved.

 

 

[Redline]

5 hours ago, rickb said:

Seems like China is being China in these negotiations.  I worked on several major contracts with Chinese companies and they always made you believe the negotiation was just about complete.  Then they'd drop another grenade with a new problem which resulted in more negotiations and still no deal.  How many times have we heard the administration say that the deal was just about consummated and then we see nothing for a long while?  I'll actually be very surprised if a deal is ever struck with China.  Could be China is just stalling to see if Trump will win re-election, believing that if Trump doesn't win another four years, the next president will likely be easier to deal with than Trump.  I hope not!  But, we'll see.  

They are stalling I believe you are correct 

[spidermike007]

So far, Xi has outplayed Trump at every turn. And Trump has punished the American consumer and slowed down the US, and world economies, with the tariffs. 

 

National Economic Council Larry Kudlow was perhaps the worst man for the job. He is substandard, to the point of being truly "bottom of the barrel stuff". Right down there with Wilbur Ross, Mnuchin (who should be in a federal prison for his Indy Bank stunt, and for encouraging the housing crisis, while making a fortune on other's misfortunes.

 

Will Trump's substandard negotiating team be able to pull anything out of this? Will a deal get done? Not unless Trump makes alot of concessions to Xi. Trump is in alot of trouble at home, and a faltering economy is no way to fix anything. 

[Cryingdick]

30 minutes ago, spidermike007 said:

So far, Xi has outplayed Trump at every turn. And Trump has punished the American consumer and slowed down the US, and world economies, with the tariffs. 

 

National Economic Council Larry Kudlow was perhaps the worst man for the job. He is substandard, to the point of being truly "bottom of the barrel stuff". Right down there with Wilbur Ross, Mnuchin (who should be in a federal prison for his Indy Bank stunt, and for encouraging the housing crisis, while making a fortune on other's misfortunes.

 

Will Trump's substandard negotiating team be able to pull anything out of this? Will a deal get done? Not unless Trump makes alot of concessions to Xi. Trump is in alot of trouble at home, and a faltering economy is no way to fix anything. 

 Faltering economy.... LOL it is the only economy worth anything in the world right now. The fed didn't cut rates and paused because the strength of the economy. Oh and not that it matters but congrats to everybody who has a 401K indexes at records again and the DOW crossed 28,000.

 

As far as tariffs retailers are showing strong results that seem to offer a different story of tariffs. I personally have not seen much or any sign of them and if anything the difference would be made up by cheap gas at the pumps. You know because we are pretty much energy independent now.

 

I guess it is easy to think differently holed up in Thailand but things here are as good as anybody has seen it. Watch for a blow out holiday season and then come back and eat your words.

 

Now of course if the dems would pass USCMA it would be a much bigger deal than China and it is just waiting to be signed.

[Tug]

44 minutes ago, Cryingdick said:

 Faltering economy.... LOL it is the only economy worth anything in the world right now. The fed didn't cut rates and paused because the strength of the economy. Oh and not that it matters but congrats to everybody who has a 401K indexes at records again and the DOW crossed 28,000.

 

As far as tariffs retailers are showing strong results that seem to offer a different story of tariffs. I personally have not seen much or any sign of them and if anything the difference would be made up by cheap gas at the pumps. You know because we are pretty much energy independent now.

 

I guess it is easy to think differently holed up in Thailand but things here are as good as anybody has seen it. Watch for a blow out holiday season and then come back and eat your words.

 

Now of course if the dems would pass USCMA it would be a much bigger deal than China and it is just waiting to be signed.

It’s a crack high the come down will be terrible it’s trumps way live on borrowed money and when it collapses don’t pay the bill that’s the way he rolls what did you expect from him 

[metisdead]

A troll post using a trolling representation of Trump's name has been removed. 

[quadperfect]

10 hours ago, zydeco said:

These press releases are timed. Kudlow's came when futures were ready to move on any algo driven news.  And the tag team continues, with Wilbur Ross saying the deal was near when futures opened this morning.  Expect a Trump tweet to top it off during the market are right at the open. Best economy evah!  With a 23 trillion dollar debt, more QE, Trump banging on the table for negative interest rates, and GDP struggling to hit 2 percent. All this debt and GDP doesn't budge. Trump, making America the next Venezuela.

I think you are the only person besides myself that knows whats actually happening.   I believe venezuela will have lots of company in there pains very soon.