Trump raises hopes of China trade deal

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Trump raises hopes of China trade deal

The two sides are "maintaining close contact" following a November 1 phone call between Xi and Trump, said ministry spokesman Gao Feng.

Gao gave no details of the talks or of which officials were conducting them. In September, Trump added tariffs to another $200 billion of imports, to which Beijing retaliated by adding levies to a further $60 billion of US goods.

In comments made before the Chinese response, Wu Baiyi, the director of the Institute of American Studies at the state-run Chinese Academy of Social Sciences, said that a Jan 1 tariff increase would imperil efforts to reverse trade tensions.

"Working teams are maintaining close contact to earnestly implement the consensus reached by the two leaders by telephone", he told a regular weekly briefing.

Trump is expected to meet Chinese President Xi Jinping on the sidelines of a G20 summit in Argentina at the end of November and in early December.

China's leaders agreed earlier to narrow their country's politically sensitive trade surplus with the United States but have rejected pressure to roll back plans for state-led development of Chinese champions in robotics and other industries.

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Trump has also threatened to impose tariffs on all remaining Chinese imports, about $267 billion worth, if Beijing fails to address USA demands. Some American officials also worry Chinese development plans could erode USA industrial leadership. China hit back with tariffs on $110 billion in USA goods. Regulators have expanded their pressure by slowing down customs clearance for USA companies and postponing issuing licenses in finance and other industries.

"We have another $267bn [in tariffs ready] to go, if we want to", he said. In October, the Economic Policy Institute, a Washington, D.C-based nonprofit, released a report showing that the USA trade deficit with Beijing has increased dramatically in the 17 years since China joined the World Trade Organization.

A top economist warns Trump's China trade war is doing more damage to the United States economy than people think.

A foreign ministry spokeswoman said Thursday it wasn't clear whether Pence expressed the Trump administration's position or his personal opinion.

And in the best possible twist, Navarro will nearly surely escape once more, free to say something dangerously insane about China and Wall Street before being punished...

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