Economy

Trump says China trade pact must be ‘real deal’

Trump says China trade pact must be ‘real deal’

"No final deal will be made until my friend President Xi, and I, meet in the near future", Trump tweeted.

"China's top trade negotiators are in the U.S. meeting with our representatives, Trump said on Twitter".

U.S. Trade Representative Robert Lighthizer was leading a second day of negotiations Thursday with Chinese Vice Premier Liu He, the highest-level talks since Trump met Xi on December 1 and declared a 90-day truce.

The announcement set off confusion inside the West Wing, with senior aides initially unsure whether the Chinese official indicated his government would increase its daily buys of USA soybeans to 5 million bushels or "tons", as Trump himself said after the official made the announcement while seated across from his customary seat behind the Resolute Desk.

China promised to "substantially" expand purchases of USA goods after the latest round of trade talks, and both sides planned further discussions to reach a breakthrough with only a month to go before the Trump administration is set to ratchet up tariffs.

The White House said in a statement a scheduled March 2 tariff increase on US$200 billion ($275 billion) of Chinese goods to 25 per cent from 10 per cent was a "hard deadline" if no deal was reached by March 1. Analysts have held out little hope the two countries can reach a comprehensive deal over the next month.

He says: "All of the many problems are being discussed and will be hopefully resolved".

"China will not accept all demands by the United States and make full concessions".

Chinese officials have said their policies did not coerce technology transfers.

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The talks in Washington are expected to be tense, with little indication so far that Chinese officials are willing to address core USA demands to fully protect American intellectual property rights and end policies that Washington has said force US companies to transfer technology to Chinese firms.

"Trump is the kind of guy who's never going to accept that the deal is good enough unless he's in the room cutting the deal", Wilder said, calling a summit "the inevitable conclusion" of the trade conflict.

"We hear rumblings or rumors there are some offers (by the Chinese delegation to Washington) around IP (intellectual property) enforcement, around the other sensitive issues. They are correct", Trump said.

Myron Brilliant, executive vice president and head of worldwide affairs at the U.S. Chamber of Commerce, said officials have told him that progress is being made on some issues but not on concerns about forced-technology transfers and other industrial policies.

Chinese negotiators proposed a meeting between Trump and Xi next month in the Chinese city of Hainan, the Wall Street Journal reported. He has also threatened new tariffs on the remainder of Chinese goods shipped to the United States.

There were also questions about whether imported cars were eligible for tax breaks and scrappage schemes and whether imported goods were eligible for a Chinese fund for promoting energy saving products.

However, his outspoken comments in previous meetings and reports that he sparred with other U.S. officials, caused him to be left on the sidelines of some talks. "However, we're not yet hearing progress in areas that are important for business as well as to the administration", said Brilliant.

The United States has accused China of hiding some trade-distorting subsidy programs from global scrutiny while disclosing others it does not need to, according to a document circulated on Wednesday at the World Trade Organization.