More optimism voiced at trade talks

More optimism voiced at trade talks

More optimism voiced at trade talks

"Both leaders do seem to want a deal, so it's likely they'll get there", said Timothy Keeler, a partner at Mayer Brown and a former chief of staff for the US Trade Representative in the George W. Bush administration.

President Donald trump touted prospects for an "epic" trade deal with China Thursday, but acknowledged that a settlement of a year-long commercial conflict remained at least a month away.

The two sides, he said, have negotiated some of the toughest points, but there are still some ways to go.

USA stocks rose on Thursday amid progress in resolving the trade tensions.

The president imposed tariffs on Chinese goods past year after concluding Beijing was forcing United States companies to surrender proprietary technology in return for being allowed to do business in China.

The president also said he still wants to meet with Chinese President Xi Jinping.

No details were announced but Trump said after meeting with Chinese Vice Premier Liu He that "something monumental" could be announced within weeks. "I am president, '" Trump recalled of Xi's response.

USA and Chinese trade negotiators will continue their talks next week by video conference as they try to reach a deal to resolve a nine-month-old trade war, White House adviser Larry Kudlow said on Friday.

Following Trump's trip to China the relationship between the two countries has grown rockier.

"Trump is pressing China at the last stage of the talks, requiring it to offer greater concessions on market opening and strengthen the supervision over the implementation of promises", said Li Yishuang, a Shanghai-based economist at China Securities Finance Co. who specialises in global trade.

"Even once we are done with the USA and China, the USA will turn to Europe", Laurence Boone, chief economist at OECD, told CNBC's Steve Sedgwick at the Ambrosetti Workshop in Italy on Friday.

First, economists say that having a trade deficit per se is not problematic and therefore promises of purchasing quotas from Beijing are meaningless beyond the short-term gains to some of Trump's constituencies. "Progress is being made at a very rapid pace".

This panel report is a significant victory for US agriculture that will help American farmers compete on a more level playing field. The White House referred questions to USTR, which didn't immediately reply to a request for comment.

"The White House is not expected to announce a date for a meeting", the official said.

With streamlined process and straightforward focus on major topics, the latest round of China-US economic and trade consultations serves as a clear indication that the talks have entered a crucial stage.

The two nations reached a "new consensus" on important issues, particularly the text of the economic and trade agreement during their two days of talks, and will complete negotiations for an agreement as soon as possible, Vice-Premier Liu He said.

Washington and Beijing since a year ago have imposed slapped tariffs on more than United States dollars 360 billion in two-way trade, biting into their manufacturing sectors as the world economy shows signs of slowing. The US had imposed $250 billion worth tariffs on Chinese imports which included $50 billion on technology, 25% on industrial goods and $200 billion in products including furniture and 10% on construction materials.

The National People's Congress only abolished the term limit of the Chinese presidency four months after Trump's visit, the South China Morning Post reported.

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