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Trump Confident About Reaching Trade Deal with China

Trump Confident About Reaching Trade Deal with China

Since the two leaders agreed on a truce on the sidelines of the G20 summit meeting in Buenos Aires, however, there have been small signs of progress - and an absence of new threats from Trump.

A sharp drop in Chinese economic growth will hit the profits of USA firms but sales by Apple Inc and other American companies should recover once Washington strikes a trade deal with Beijing, a senior White House adviser said on Thursday. White House had earlier said that the tariffs were being imposed in response to China's unfair trade practices that have led to large trade deficit with USA.

Another 33 percent of companies said they plan to move out of China in the next six to 12 months, according to the UBS report. Hassett says that Apple and other USA companies operating in China, will see their business return in the country if the US can have a successful negotiation with China.

In addition to Gerrish, the official delegation will also include David Malpass, the Treasury Department's undersecretary for global affairs.

Donald Trump and Xi Jinping had agreed to a 3-month cease fire amid rising trade tensions. Since Apple CEO Tim Cook is attributing this to President Donald Trump's trade war with China, Hassett argued that this fits with what he's been saying about how the US economy is supposedly growing while intercontinental markets are slowing down.

While Trump and other officials have said talks between the two sides are progressing well, they have given few details on concessions that China has made.

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The U.S. accuses China of deploying predatory tactics in a drive to surpass America's technological supremacy.

In the same year, late paramount leader, often credited with China's "Reform and Opening" policy which led to its economic transformation, met USA president in the United States. The longer their trade war lasts, the longer companies and consumers will feel the pain of higher-priced imports and exports.

Hassett added Thursday, noting that he was a "globalist" before joining the Trump administration: "If we have a successful negotiation with China, then Apple's sales and everybody else's sales will recover".

Chinese exports to the United States held up through late 2018 despite Trump's tariff hikes. The Dow was off 5.6 percent for the year, with the broader Standard & Poor's index of 500 stocks down 6.2 percent.

Chinese economic growth fell to a post-global crisis of 6.5 percent in the quarter ending in September. On Thursday, a key gauge of factory activity in the U.S. fell by the most in more than a decade in December as hiring and new orders slowed sharply.

"There are certainly compelling reasons for both sides to reach a deal and avoid further tariff increases", said Cutler, now vice-president at the Asia Society Policy Institute.


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