Markets

'Good signs' on US-China trade, Trump says ahead of Xi talks

'Good signs' on US-China trade, Trump says ahead of Xi talks

With markets watching nervously, US President Donald Trump has described the Buenos Aires summit of the 20 leading economic powers as a deadline for China to meet his demands or risk even further pressure.

Lighthizer in a statement criticized China's "egregious" tariffs on US autos that he was taking such action at the instruction of President Donald Trump. This time it could be on more than $260 billion in Chinese goods.

His economic advisor Larry Kudlow told reporters on Tuesday that "the president said there is a good possibility that we can make a deal and he is open to it". CGTN's Jessica Stone unraveled this in a report.

Global financial markets will take their lead on Monday from the outcome of the Xi-Trump meeting, having seesawed in recent days on concerns trade tensions could escalate.

Bolton said Trump will have bilateral meetings with South Korean President Moon Jae In and Turkish President Recep Tayyip Erdogan, as well.

The lack of a formal joint readout of the meeting's results is created to offer both the U.S. and China the leeway to handle the outcome from the meeting as each sees fit, according to a source who was briefed on the preparations and declined to be identified.

But Kudlow emphasized that issues of intellectual property theft and forced technology transfers as well as "significant" tariffs and nontariff barriers must be solved. Over the last year, the two countries have levied a series of tariffs on hundreds of billions of dollars of imports from each other, with the latest round of USA duties set to go into force in the new year.




Argentine Foreign Minister Jorge Faurie said trade talks were moving forward and nations were continuing to work on climate change wording.

Speaking in Buenos Aires, U.S. Trade Representative Robert Lighthizer said he would be surprised if the dinner was not a success, but it would depend entirely on the two presidents.

So an unorthodox solution emerged: An official in the French president's office said the statement may have language that sets the US apart. "Most observers believe China to be in a slump, whereas the United States is in a very strong, solid position going into this summit". For example, a draft says 19 of the participants agree on the importance of upholding the Paris climate accord, but the USA doesn't.

Trump's trade war with China has at times roiled stock markets this year amid concerns about broader damage to the US economy. He added that President Donald Trump had directed him to examine all available tools to equalize the tariffs applied to automobiles, reported CNBC.

Asked about the European concerns, a USA official said progress was being made on the joint statement and the White House was "optimistic" about the document as a whole. "President Trump has indicated that he is open", Kudlow said.

"I hope they understand that", he added. But Trump has threatened to target the remaining $267 billion worth of Chinese imports as well, hitting Apple iPhones and laptops produced in China.

Kudlow said "certain conditions have to be met".


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