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China: From misery to optimism: trade deal and rebound in sight

08 April, 2019, 03:33 | Author: Taylor George
  • World shares rise on hopes for US-China trade progress		Posted by Vento on 5th April 2019 in International News

The clock is ticking for the Trump administration because the Chinese are not far from thinking they might be able to run out the clock until the 2020 USA election, bringing the game into a tense overtime period where every bit of bad economic news in the United States counts double or triple against the incumbent president.

The latest talks followed a round of negotiations in Beijing the previous week, headed by Liu and US Trade Representative Robert Lighthizer. The doomsayers are now suggesting the strong manufacturing reports from both America and China were driven by fragile hopes that a trade agreement will be reached within the next three months and gloom will resume if that does not happen.

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

Xi Jinping is a man with many titles, but he's purportedly especially fond of a regal one bestowed upon him by US President Donald Trump.

World stocks have turned higher ahead of U.S.jobs figures and after U.S. President Donald Trump said talks to ease a trade war with China were making progress.

"I look forward to seeing President Xi".

Trump's positive comments came as top Chinese and United States officials are meeting in Washington to reach an agreement after the two trading powers entered into a trade war and imposed tariffs on more than Dollars 360 billion in two-way trade.

The issue has been a source of tension between the two countries for years.

Under the proposed agreement, China would commit by 2025 to buy more United States commodities, including soya beans and energy products, and allow 100 per cent foreign ownership for U.S. companies operating in China as a binding pledge that can trigger retaliation from the USA if left unfulfilled, the people said on condition of anonymity because the talks are private.

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Despite strained ties between the two countries amid a lengthy trade war, the US president told a fundraising dinner in Washington, D.C. on Tuesday that he stroked Xi's ego by calling him a monarch. During his presidential campaign, he assailed China for the "rape" of the American economy. The White House referred questions to USTR, which didn't immediately reply to a request for comment.

Vice Premier Liu said great progress has been made because of Trump's involvement in the talks.

Mr Trump said the USA and China had agreed on "a lot of the most hard points" but that "we have some ways to go".

Still, analysts say the talks are unlikely to end long-standing tensions between America's mostly open, capitalist economy and a Chinese economy in which the Communist Party and the central government play a dominant role.

Xi assured Trump that text of the China-U.S. trade could be finalised soon, in a message conveyed by Liu He.

China wants U.S tariffs removed before it can lift retaliatory tariffs on the USA agricultural products and industrial goods.

Failure to achieve a deal would probably see the U.S. more than double the 10% tariffs on $200bn (£153bn) of Chinese goods and impose fresh tariffs.

The National People's Congress only abolished the term limit of the Chinese presidency four months after Trump's visit, the South China Morning Post reported.

The text will also include benchmarks, likely set at 90 days and 180 days after signing, by which China is asked to fulfil key pledges, two of the people said, without giving further details.

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