Trump Says China Trade Deal Isn’t Ready But May Be ‘Monumental’

Trump Says China Trade Deal Isn’t Ready But May Be ‘Monumental’

Trump Says China Trade Deal Isn’t Ready But May Be ‘Monumental’

U.S. Trade Representative Robert Lighthizer said on Thursday that there were still major issues to resolve in the agreement.

GM crops and the approval process are still a "big issue" in the discussions, said one of the sources, who spoke on condition of anonymity.

Other non-binding promises China has offered to implement by 2029 wouldn't be tied to potential USA retaliation, they said, without elaborating.

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

A deal would allow a summit between him and Chinese President Xi Jinping, he said.

"Everything is covered, there's nothing that's not covered", Trump said, referring to the scope of U.S. demands.

The sides mainly disagree on the USA stand to retain some tariffs as an enforcement tool, according to an official.

Surrounded by the press, President Donald Trump speaks while meeting with China's Vice Premier Liu He in the Oval Office of the White House in Washington, April 4, 2019.

While White House officials have expressed cautious optimism in recent days about securing a deal in the near future, a USA decision to tentatively sell fighter jets to Taiwan may affect the outcome of this week's talks as well as any Trump-Xi summit, one of the people said.

President Donald Trump and China's President Xi Jinping arrive at a state dinner at the Great Hall of the People on November 9, 2017, in Beijing.

Vice Premier Liu He, China's top trade negotiator, agreed, telling Trump that "because of your direct involvement, we do have great progress".

Tariffs on imports from China and other countries reduced "US real income of US$1.4b per month" and had a similar effect on countries that had retaliated against the United States, according to a study by economists David Weinstein of Columbia University, Mary Amiti of the Federal Reserve Bank of NY and Princeton University's Stephen J. Redding.

He also described it as potentially "epic" and "historic".

The president's thirst for an agreement with China has grown since the stock market began sliding from its October peak.

Mr Brant said there was clearly still significant distance between the two sides on the crucial issue of enforcement.

China's Ministry of Agriculture and Rural Affairs did not immediately respond to faxed questions on Friday, which was a public holiday in China.

The White House is particularly focused on Chinese purchases of American goods through the second quarter of 2020, in an effort to narrow the trade balance ahead of Trump's re-election bid. He said he would give Mexico a year to prevent immigrants from entering the USA before following through on the auto taxes.

He also vowed to eliminate the United States' chronic trade deficit with China, yet saw it climb to a record US$419.2b in 2018.

He said intellectual property protection, certain tariffs and enforcement of the deal are all outstanding issues that haven't been resolved. Trump said Thursday that he'd discuss the future of tariffs with Liu.

Beijing has taken years to approve new strains of GM crops, which US companies and farmers have complained stalls trade by restricting the sales of new products from companies such as DowDuPont Inc, Bayer AG, and Syngenta AG. "But it looks like it is moving along very nicely".

Addressing the Republican Committee, Trump stated that had he not pressed with the tariffs with regard to Chinese goods, then the Chinese economy would have caught up with the United States within just a few years.

-With assistance from Jeffrey Black, Jennifer Jacobs, Saleha Mohsin, Yinan Zhao, Miao Han, Dandan Li, David Sucherman and Shawn Donnan.

Related news

[an error occurred while processing the directive]