Tuesday, 23 October, 2018

Trump sees "very good chance" of US-China trade deal

Treasury Secretary Optimistic on Settling Trade Dispute Trump Says 'Very Good Chance' of a US-China Trade Deal
Ellis Copeland | 25 April, 2018, 08:08

Trump said during a White House news conference with French President Emmanuel Macron that Mnuchin will be going to China "in a few days to negotiate on trade".

US President Donald Trump plans to send Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer to Beijing for "substantive" trade discussions in the wake of tit-for-tat tariff threats between the countries.

"If we have a trade war between the USA and China, the European Union and global economy will suffer as well", he cautioned. "I think China is very serious; we're very serious". "And that'll be good".

The Trump administration has recently threatened to impose tariffs on up to 150 billion USA dollars of Chinese imports, while China has vowed to retaliate against United States exports if the Trump administration moves forward with the tariffs.

He said the two sides had a "very good chance" of reaching an agreement.

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Beijing has responded by immediately slapping duties on key USA agricultural exports, in measures meant to target the American president's support base - and could do likewise for the sensitive U.S. soybean industry.

The United States and China have moved to the brink of the most consequential trade dispute since World War II. He said the Chinese market is not open, and the large trade imbalance needs to be addressed. "I believe the trade will work out, but I also think that China has never treated us with more respect than they have over the last short period of time that I'm president".

In response, Beijing announced tariffs on major USA exports to China worth 50 billion dollars.

Mnuchin has expressed optimism differences can be settled without a trade war, telling reporters Sunday he was "cautiously optimistic."

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