Trump Confident About Reaching Trade Deal with China

Trump Economic Advisor Says 'Heck Of A Lot Of US Companies' Have Trade War Earnings Risk

Trump Economic Advisor Says 'Heck Of A Lot Of US Companies' Have Trade War Earnings Risk

The trade war is now in a temporary truce, but should that change the economic fallout threatens to hobble global economic growth.

China said a U.S. delegation will visit next week for trade talks, confirming that the two sides will have their first face-to-face negotiation since President Donald Trump and his counterpart, President Xi Jinping, agreed to a 90-day truce in their trade war last month. A report in March by the U.S. Trade Representative accused China of hacking into U.S. companies' computer networks to steal secrets and coercing American companies to hand over technology as the price of admission to the Chinese market.

A U.S. delegation will visit China next week to participate in vice-ministerial level trade talks that have been ongoing since early 2018, it was announced here on Friday. Just $5 a month.

China's economy is slowing. Romney says that as senator, he will treat Trump as he would any president - vote with him when it aligns with his and Utah's interests, oppose him when it doesn't - and claims he won't "comment on every tweet or fault" but will "speak out against significant statements or actions that are divisive, racist, sexist, anti-immigrant, dishonest, or destructive to democratic institutions".

The Trump administration's widening trade war will raise prices for US consumers, but it won't bring back many manufacturing jobs that have moved overseas.

The bruising trade war comes as China grapples with a slowing domestic economy.

"The negotiations next week are important because they will establish expectations, but we shouldn't expect major breakthroughs", said Mr Myron Brilliant, vice-president of worldwide affairs at the US Chamber of Commerce.

The risks to both economies have intensified since the last round of tit-for-tat tariffs in September.

Chinese economic growth fell to a post-global crisis of 6.5 percent in the quarter ending in September. Auto sales have dropped for the first time since 1990. "China wants the trade war to end, and they are offering signs of that", said a United States source familiar with the discussions.

Beijing has tried in vain to recruit France, Germany, South Korea, and other governments as allies against Trump.

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As Chinese tariffs take a bigger bite out of profits, USA manufacturers with operations there are scrambling to find alternatives.

The European Union filed its own challenged in the World Trade Organization in June against Chinese regulations the 28-nation trade bloc said hamper the ability of foreign companies to protect and profit from their own technology. Trump has also threatened to impose duties on $267 billion more of goods if Beijing does not meet his demands.

To try to compel China to reform its ways, Washington has imposed tariffs on $250 billion in Chinese imports; Beijing has counterpunched by taxing $110 billion in US goods.

The ceasefire began on 1 December in Buenos Aires after the two heads of state agreed to hold off on further tariffs or retaliation for 90 days.

"It is hard to solve the trade dispute immediately because the USA demands are too high, especially demands for changes in China's economic and social systems, which it is hard for China to accept", said Song, the economist at Renmin University.

The ministry said in a statement that vice minister-level officials from the two countries spoke on the phone and decided on the trip that aims to pick up on the consensus reached by the leaders in Argentina last month. "There are a heck of a lot of USA companies that have sales in China that are going to be watching their earnings being downgraded next year until we get a deal with China". The lower level of these discussions signals that the two sides are still far apart on various issues.

Gao offered no details, and the Office of the U.S. Trade Representative declined to confirm the talks.

The dispute has rattled companies and financial markets that worry it will drag on global economic growth, already showing signs of declining.

Chinese officials are unhappy with United States curbs on exports of "dual use" technology with possible military applications.

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