Trump risks backlash in zeal for deal to end China trade war

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Trump risks backlash in zeal for deal to end China trade war

US President Donald Trump and his Chinese counterpart Xi Jinping have expressed optimism about resolving a bitter trade dispute, following a phone conversation between the two leaders.

Before leaving the White House for a campaign event, US President added: "I think we'll make a deal with China, and I think it will be a very fair deal for everybody, but it will be a good deal for the United States".

"The two countries' trade teams should strengthen contact and conduct consultations on issues of concern to both sides, and promote a plan that both can accept to reach a consensus on the China-US trade issue", Xi told CCTV state television.

"We've had very good discussions with China".

"Given his [Trump's] poor track record on policy credibility in the past year, we'd better not hold out too much hope", Lu said. "They very much want to make a deal", President Trump said.

The US president spoke to Xi on Thursday and later tweeted that trade talks with China were "moving along nicely" ahead of face-to-face talks between the pair at the G20 summit in Argentina later this month. For example, it's unknown whether he is considering relenting on his administration's hard line against China's theft of USA intellectual property, which one of the people said remains a key sticking point in any potential deal.

In an interview on Fox News Channel's "The Ingraham Angle" show on Monday, Trump did not specifically mention the potential withdrawal of tariffs, but said he expects "a great deal" with China.

But Larry Kudlow, Trump's top economic adviser, sounded a more cautious note on CNBC Friday. -China Business Council in Beijing, said there were plenty of challenges that would require significant negotiations in advance of a meeting between Trump and Xi to ensure success. -China trade talks can not resume until Beijing outlines specific actions it would take to meet US demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

"The stock market is focused on tariffs and they believe that increased tariffs are going to hurt the economy", said Mike Rask, director of trading at Hodges Capital in Dallas.

"We are not on the cusp of a deal", Kudlow said.

Trump administration officials have said U.S.

"We will see what happens at the G20 and with Liu's talks, but I am not optimistic that anything momentous will come out of this", Zimmerman said.

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