Biotech crops still a sticking point in U.S.-China trade deal

Donald Trump Says He Calls China’s Leader ‘King’ and Xi Likes It Like That

"We'll see what happens".

President Trump said Thursday that there could be a "monumental" trade deal with China to announce within the next four weeks but said qualified that some issues remain to be worked out. Despite his upbeat assessment, in remarks to reporters in the Oval Office Trump cautioned that "progress is being made at a very rapid pace", but at another point says there's still a ways to go.

Washington wants the right to keep the 10 per cent tariff it imposed a year ago on $US200 billion ($281 billion) of imports into the USA, and to increase the hit if China fails to deliver without giving Beijing the right to retaliate in turn.

Washington and Beijing since previous year have imposed tariffs on more than US$360 billion (RM1.4 trillion) in two-way trade, biting into their manufacturing sectors as the world economy slows.

Still, Trump said, "We've agreed to far more than we have left to agree to".

Having a healthy and fair long-term trade regime in place is in the best interests of China and the US, and both sides are reportedly angling to have a high-profile signing ceremony with President Trump and President Xi Jinping this month.

The limited time frame raises questions about how much a deal would reshape the longer-term economic relationship, rather than simply serve as a political win for Mr Trump that would last through his potential second term as the 2020 election campaign kicks off.

Administration officials initially envisioned a summit between Trump and Xi potentially taking place in March, but some US lawmakers and lobbying groups have said recently they were told that the administration was now aiming for a deal in late April.

Teams from the USA and China met in Beijing last week.

Kudlow also said no decisions had been made on tariffs on auto imports coming from top USA allies.

On China's behalf, Liu cited "great progress" in the talks because of Trump's direct involvement and expressed hope that the talks would lead to "a good result". A meeting date between Mr Trump and Mr Xi could be announced as early as Thursday, people familiar with the plans said. China's rubber stamp legislative chamber, the National People's Congress, in March approved a new foreign investment law that the government claims will ensure all companies registered in China are treated equally.

The Chinese economy clearly fluctuates much more than the US based on good or bad news about progress in trade talks.

China is pushing for the tariffs to be removed before it will agree to lift its retaliatory tariffs on USA farm products and industrial goods including autos.

From the outset, his administration has been divided between advisers who fear the trade war's impact on the economy and financial markets and those who believe a showdown with China is long overdue. -China trade war and could reject shipments of unapproved varieties.

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