Trump sees trade deal with 'friend' Xi

Trump sees trade deal with 'friend' Xi

Trump sees trade deal with 'friend' Xi

President Trump expresses confidence the trade dispute with China will be mutually beneficial.

Treasury secretary Steven Mnuchin said he was "cautiously optimistic" that the United States and China could reach an agreement before any tariffs went into place, but he also said "there is the potential of a trade war". Taxes will become reciprocal and a deal will be made on intellectual property.

In a tweet yesterday President Trump challenged China's position, predicting that Beijing would engage with Washington.

On Tuesday, Washington unveiled some $50 billion worth of proposed tariffs on Chinese imports and on Thursday Trump upped the ante, directing US trade officials to identify tariffs on another $100 billion of Chinese imports. China responded by announcing that it would place tariffs on US exports to the tune of roughly $50 billion annually.

The same day, in an interview with Fox News Sunday, the Director of the National Economic Council, Robert Kudlow, said: "we're not gonna end up in a trade war".

The US bought more than $500bn in goods from China previous year and is planning or considering penalties on $150bn of those imports.

Meanwhile, the China Chamber of International Commerce said that since the United States tariff announcement its members had reported greater problems with honouring trade contracts and sharp rises in default risks.

The tech industry is not directly affected by the new tariffs unveiled by the Trump administration, which aim to target Beijing for unfair trade practices and failure to protect intellectual property.

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On Tuesday, Washington unveiled some $50bn worth of proposed tariffs on Chinese imports and on Thursday Trump upped the ante, directing USA trade officials to identify tariffs on another $100bn of Chinese imports.

"And those tariffs will be imposed, and then investment restrictions will be imposed", he said.

U.S. businesses, and farm states most vulnerable to Chinese retaliation, have called for restraint.

"In nearly everything the United States produces, the key source of value is data", she said.

Kudlow, who started his job a week ago after predecessor Gary Cohn quit over the tariffs plan, noted that none of the U.S. moves have gone into effect and downplayed the possibility of economic repercussions.

Gains in USA equities prices since Trump was inaugurated - which Trump, along with his family and members of his administration have regularly claimed credit for - have eroded since late January, and trade tensions have been behind some of the reversal. Trade protectionism China's state media has rallied against the United States, saying its trade protectionism actions will end in defeat and that the only option now is to hit the United States hard enough so it will "remember the pain". Trump responded by directing USA trade representatives to consider an additional tariff on $100 billion of Chinese goods. The stock market fell more than 500 points Friday on worries over a trade war. Mike Rounds (R-S.D.) said Sunday on NBC News' "Meet the Press".

Trump "has a very close relationship with President Xi, and we'll continue to discuss those issues with them", Mnuchin said.

"We're absolutely willing to negotiate", Treasury Secretary Steven Mnuchin said Friday on CNBC, adding, "I'm cautiously optimistic that we'll be able to work this out".

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