Trump said to want China trade deal to boost stock market

Trump said to want China trade deal to boost stock market

Trump said to want China trade deal to boost stock market

Even if a trade agreement is reached soon, analysts say it would be no panacea for China's economy, which is expected to continue decelerating in coming months.

US President Donald Trump boasted Tuesday that US-China trade negotiations were going "very well" as officials held talks in Beijing that will spill into a third day.

Speaking to reporters on Monday, Lu Kang, spokesman for China's Foreign Ministry, expressed hope that the two countries could reach an agreement: "From the beginning we have believed that China-U.S. trade friction is not a positive situation for either country or the world economy".

Should China reform its regulation policies to allow more US access to its markets, USA negotiators want guarantees that they won't erase newfound openness by using government authority to block American companies.

The American delegation is led by a deputy USA trade representative, Jeffrey D. Gerrish, and includes agriculture, energy, commerce, treasury and State Department officials.

Trump imposed import tariffs on hundreds of billions of dollars of Chinese goods previous year and has threatened more to pressure Beijing to change its practices on issues ranging from industrial subsidies to intellectual property to hacking.

Earlier on Tuesday, China approved five genetically modified (GM) crops for import, a move seen as a "goodwill gesture" by some in the USA agriculture industry that could boost China's overseas grains purchases and ease pressure from the United States to open its markets to more farm goods.

President Donald Trump argued that China has not treated the US fairly in terms of trade.

Ross said the talks are at an "appropriate level" and the USA delegation is large because of the number of issues to be addressed.

The statement came as trade talks between China and the United States were under way in Beijing, the first round of face-to-face discussions since both sides agreed to a 90-day truce in a trade war that has roiled global markets. "Their economy is slowing much more than I think public data is showing right now", Leland Miller, chief executive officer of China Beige Book, said on Bloomberg TV Tuesday.

The Wall Street Journal reported Tuesday the two sides were narrowing their differences, with Chinese officials offering greater purchases of U.S. goods and services and Cabinet-level follow-up meetings expected later this month.

Officials have given scant details on concessions that China might be willing to make to meet USA demands, some of which would require structural reforms unpalatable for Chinese leaders.

Few details emerged of the trade talks, which were scheduled to run through Tuesday.

China and the United States have in the past repeatedly traded barbs over what Washington says is Beijing's militarization of the South China Sea by building military installations on artificial islands and reefs. Advocates of a quick deal with Beijing, including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow, have used the markets jitters as a cudgel to press their case, the people said. The move prompted China to increase tariffs on United States dollars 110 billion of USA goods. Before they bring Lighthizer to the table, Prasad said the U.S.is trying to see exactly what sort of offer China is willing to put on the table first.

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