China and U.S. - Optimism For A Trade Deal?
U.S. President Donald Trump expressed optimism on Friday over high-level trade talks with China, which entered its second day of talks, while Beijing said it was open to a “partial” deal that would avoid planned tariff increases on Chinese imports next week, reports Reuters.
Negotiators, including US Treasury Secretary Steven Manoucheng and Chinese Deputy Prime Minister Liu Hu, resumed talks in Washington Thursday, with Hu expected to meet Trump today at the White House at 9:45 pm Bulgarian time.
“Good things happen at a trade meeting with China. Warmer feelings than in the recent past, more like those days. Today I will meet with the Deputy Prime Minister. Everyone would like to see something significant happen! “Trump wrote on Twitter earlier today.
At the same time, Mnuchin told reporters that the talks were going well.
A Chinese state-run newspaper said on Friday that a “partial” trade deal would benefit China and the U.S. and that Washington should accept the proposal, reflecting Beijing’s goal to cool the dispute before new tariff increases come into force.
So far, both sides have imposed hundreds of billions of dollars in customs duties, and Trump has threatened to raise U.S. taxes from 25 percent to 30 percent imposed on Chinese goods by $ 250 billion.
On Thursday, Liu Hu said China is ready to reach an agreement with the US on issues of interest to both sides to prevent further escalation of the trade war.
Trump, who said Thursday that talks with the Chinese had not gone well, previously insisted he would not be satisfied with the partial deal.
The negotiations also had a positive effect on the US stock indices
Shares of the New York Stock Exchange were trading at a significant price increase on Friday, with the S&P 500 index up about 1.5%.
The Chinese securities regulator disclosed earlier today a firm timetable for lifting foreign ownership restrictions in companies since January 1, 2020. Increasing external access to the sector is one of the major US demands.
Beijing also said it would open up its financial sector further, subject to conditions and at its own pace.
Chinese officials also suggest increasing annual purchases of US agricultural products, the Financial Times reported on Wednesday, citing unidentified sources.
The U.S. Department of Agriculture confirmed on Thursday net sales of 142.17 thousand tonnes of American pork in China during the week ending October 3, the largest weekly sale for the largest pork market in the world.
Economists hope the two sides reach an agreement on currencies as well, as Washington suspects Beijing of manipulating the yuan for impairment.
