Trump Has Not Sought Draft China Trade Plan

Frederick Owens
November 2, 2018

He said further meetings with Xi are being scheduled for the G-20 summit of the world's biggest economies, set for November 30 in Buenos Aires, the first ever such summit in South America.

Mr Xi said he was "very happy" to talk to Mr Trump again and that he puts "great importance [on] good relations with the president", according to Chinese state media.

"Just had a long and very good conversation with President Xi Jinping of China".

"China has been hurting us and trade deals have been hurting us", he said, adding that his administration is changing all those trade deals. Trump said trade talks were "moving along nicely" and that meetings were "being scheduled" at the G20 summit in Buenos Aires.

Trump said the two countries have a chance to make a fair deal.

Analysts said the figures suggested further tightening in the labour market that could encourage the Fed to raise interest rates, which could trigger a renewed sell-off in the stock market.

Trump administration officials have said that trade talks with China can not resume until it comes up with specific actions it is willing to take to meet U.S. demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

More news: USA blocks exports to Chinese chipmaker as tensions simmer

Meanwhile, White House economic adviser Larry Kudlow said at an event in Washington that Trump and Xi might be able to break the logjam on issues during the Nov 30-Dec 1 summit.

'We do hope that China and the United States will meet each other halfway and work together in the spirit of mutual respect and equality, ' Li told Trump's fellow Republicans.

"I hope that China and the USA will meet each other halfway and will appropriately handle their differences with mutual respect and equal cooperation", stated the Chinese premier. A Chinese foreign ministry spokesman told reporters the discussion was quite positive and that the two leaders were optimistic about resolving the dispute over technology that has resulted in both sides imposing penalty tariffs on billions of dollars' worth of each other's exports. The Chinese president also said he would like to meet Trump at the G20.

One person said a sticking point in any potential deal is intellectual property theft, where the Trump administration has sought to take a hard line.

The Trump administration this year has already imposed tariffs on $250 billion in Chinese goods and has threatened to place duties on all remaining imports from the country, which last year were worth $505 billion.

A key point of contention for the United States has been its allegations that China has engaged in widespread intellectual property theft. And Chinese authorities are expected to move quickly to implement more measures to support the private sector, said Yu Song, chief China economist at Goldman Sachs.

Xi also said he and Trump expressed hopes to expand bilateral trade cooperation, Xi was quoted as saying on CCTV state television.

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