US, China close to striking a monumental trade deal

Donald Trump Says He Calls China’s Leader ‘King’ and Xi Likes It Like That
Donald Trump says Xi Jinping likes being called “king”

08 April, 2019

U.S. and Chinese negotiators have been meeting in Beijing and Washington in recent weeks to hammer out a comprehensive trade deal between the world's top two economies.

Gregory Daco, chief U.S. economist at Oxford Economics, said in a report on Thursday, "A trade deal between the two economic giants would help alleviate global growth concerns, provide a much-needed global confidence boost and lift markets", the Associated Press reported.

"Trump is pressing China at the last stage of the talks, requiring it to offer greater concessions on market opening and strengthen the supervision over the implementation of promises", said Li Yishuang, a Shanghai-based economist at China Securities Finance Co. who specializes in global trade.

From this perspective, an agreement that mainly delivers a promise from China to purchase more goods solves a problem that doesn't really exist.

'I would say we'll know over the next four weeks, ' Trump said.

Speaking to reporters at the White House at the start of a meeting with Chinese Vice Premier Liu He, Trump said some of the tougher points of a deal had been agreed but there were still differences to be bridged. "It's got a very good chance of happening".

U.S. Trade Representative Robert Lighthizer, who is leading the talks for the Trump administration, said there were still some "major, major issues" to resolve and praised Liu's commitment to reform in China. "I am president, '" Trump recalled of Xi's response. It will be here.

"If we have a deal, there will be a summit".

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

China is the world's second largest economy after the US. I think the president is right to insist on change. "We hope this week to get closer".

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Chinese Vice Premier Liu said that the two countries have made great progress.

Initial reports on Thursday in The Wall Street Journal and The New York Times were that Mr Trump would announce a summit with Mr Xi.

US President Donald Trump has in the past threatened to tax all of Chinese goods going into the US.

Xi also said he is ready to keep close contact with Trump through various means, and believes that the China-U.S. relations will make new and greater progress under their joint guidance.

Also unclear is whether China will agree to the Trump administration's demand for an enforcement mechanism allowing the U.S. to reimpose tariffs if it believes Beijing is not fulfilling its obligations.

The third criticism is that the deal may do little or nothing to address the two main complaints from the US and other countries about doing business in China.

Beijing hopes that Washington can get rid of existing US duties on Chinese imports, according to the Financial Times. While we have seen clear progress in recent months, the last part of the negotiation is expected to be the most hard and drawn out.

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.

In a tweet earlier today, Trump said a deal was "moving along nicely".

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