Trump expects 'very good' trade deal with China

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As reported by our site with reference to Voice of America, this statement was made by the President during a conference at the White house.

Trump has asked key USA officials to begin drafting potential terms, Bloomberg said, adding that the push for a possible deal with China was prompted by his telephone call with Xi on Thursday.

China and the United States are locked in an increasingly bitter trade war, and both countries have already placed tariffs on some of each other's imports.

US-China talks have made little progress since May, when Trump put a stop to a deal that would have seen China buy more energy and agricultural goods to narrow the trade deficit. "We're getting much closer to doing something", Trump said.

It comes ahead of a key meeting between Mr Trump and China's President Xi Jinping at the G20 summit this month. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina, ' he tweeted.

In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.

Trump's posture toward China has been closely watched by investors, who are looking for the possibility of tensions cooling in their market-shaking trade war.

On Wednesday, US Secretary of State Mike Pompeo said China was probably Washington's biggest long term security challenge and the United States was engaged in a "multi-pronged convince China to behave like a normal nation on commerce " and respect worldwide law.

President Trump has made very clear to China that they must change their "unfair" trade practices including theft of USA intellectual property.

The president's remarks helped United States stocks to trim their losses on a day that started with market optimism over a Bloomberg report quoting unnamed sources as saying that Trump had ordered his cabinet to draw up terms for a China trade deal.

The G20 summit will take place from November 30 to December 1.

Trump has since threatened to impose further $371 billion tariffs on Chinese imports - a move that would cover virtually everything China ships to the United States. He added that any agreement should be a "good deal" for the U.S. and a "fair deal" for both the nations. It "likely reflects the fact that businesses in the USA are starting to feel the impact of the trade conflict through higher prices and squeezed margins", she said.

"As the president said, we would like to talk to them about it, but they may not be ready".

"These are longstanding structural issues within the Chinese economy and can not be reversed overnight", said Logan Wright, Hong Kong-based director of China research at research firm Rhodium Group.