Published: Sun, November 04, 2018
Markets | By Noel Gibbs

Trump predicts he’ll make trade deal with China

Trump predicts he’ll make trade deal with China

US President Donald Trump said Friday that he will likely make a deal with China on trade, adding that a lot of progress had been made to resolve the 2 countries' differences but warning that he still may impose more tariffs on Chinese goods.

The leaders of the world's two largest economies made the remarks after their first publicly disclosed telephone conversation in nearly six months.

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

"Those discussions are moving along nicely", Trump wrote on Twitter on Thursday.

It was "hard to know what Trump wants most from China" because of a fragmented administration that had yet to strike a balance among the priorities of various vested interest groups, he said. Xi said later to be willing to meet Trump.

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But by midday, shares had turned negative, weighed down by Apple Inc.'s disappointing earnings forecast and comments from White House economic adviser Larry Kudlow that he was less optimistic than previously about a deal between Washington and Beijing.

Just after the upbeat readouts of the Trump-Xi call, the Justice Department announced the latest in a long list of actions against what Trump administration calls China's cheating through intellectual property theft, unfair corporate subsidies and rules hampering USA corporations in China.

Trump said the American economy is doing well and he has been receiving congratulatory message from across the world. Trump points to stock prices as a barometer for his administration's economic success-blaming the Federal Reserve and Democrats for declines.

"I think we'll make a deal with China". This is not what China wants to see, said the Chinese president.

President Donald Trump expressed confidence he can reach a deal to end a burgeoning trade war with China, saying he will meet his Chinese counterpart at the Group of 20 meetings in Argentina in about a month.

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Trump said a deal with China would also be good for Beijing.

Trump has claimed that negotiations with China to end the trade war between the two nations are going well. We need that to be fair and reciprocal with them.

Trump said that if a deal is not made with China, he could impose tariffs on another $267 billion in Chinese imports into the United States, adding that China's economy had "been hit very hard" by previous USA tariffs.

The list would apply to imports from China that aren't already covered by previous rounds of tariffs, which may be $257 billion using last year's import figures, Bloomberg reported, citing people familiar with the matter. Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25 percent on January 1. In response, Beijing said it would impose taxes on 5,207 United States imports worth about United States dollars 60 billion.

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