Trump says 'I think we'll make a deal with China' on trade

US,China,Trump

The White House's leading economic adviser has poured cold water on hopes of an imminent trade deal with China, reversing stock market gains that were triggered by bullish comments from President Trump and President Xi on Thursday.

President Donald Trump teased a prospective trade deal with China on Friday, but many analysts are skeptical the trade war is going to end anytime soon.

"At best, the parties are negotiating about negotiating and we are still miles from a deal", Boltansky said.

Xi also said he and Trump expressed hopes to expand bilateral trade cooperation, Xi was quoted as saying on CCTV state television.

"I don't buy the story for a second", said Michael Every, head of Asia financial markets research at Rabobank in Hong Kong. For example, it's unknown whether he is considering relenting on his administration's hard line against China's theft of United States intellectual property, which one of the people said remains a key sticking point in any potential deal. An increase in the tariffs already in effect on US$200 billion of Chinese imports scheduled for January would provide a stiff test to many exporters and could quicken the shifting of global supply chains.

Trump has long threatened to impose tariffs on all $500 billion-plus goods that the United States imports from China if Beijing fails to meet his demands for sweeping changes to its policies on intellectual property, technology transfers, industrial subsidies and local market access.

Presidents Xi and Trump held a phone conversation on Thursday, with the USA leaders saying the call had "a heavy emphasis on Trade".

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Trump also confirmed that he wants to meet with President of China XI Jinping during the G20 summit, which will be held in Argentina from 30 November to 1 December 2018.

I spoke with President Xi (Jinping) yesterday. In Beijing Trump's move was seen as an insult to Xi, who sent a personal emissary to Washington for the negotiations, and cemented a view that Trump's real goal is to thwart China's rise.

It was unclear if Trump was easing up on US demands that China has resisted, and reaching any accord still faces significant hurdles. "We have already put out asks to China with respect to trade". "China wants to make a deal".

The U.S.is on track to post its biggest foreign trade deficit in a decade, Market Watch reported.

Hours later, however, the US Justice Department accused another Chinese firm of unfair practices, part of an across-the-board pressure campaign by the Trump administration targeting China.

In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.

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