Biotech crops among sticking points in U.S.-China trade deal

Biotech crops among sticking points in U.S.-China trade deal

"That doesn't mean a deal is made, because it's not, but we're certainly getting a lot closer", Trump said in the Oval Office.

No details were announced but Trump said after meeting with Chinese Vice Premier Liu He that "something monumental" could be announced within weeks.

In a tweet earlier today, Trump said a deal was "moving along nicely".

The third criticism is that the deal may do little or nothing to address the two main complaints from the US and other countries about doing business in China.

The White House is particularly focused on purchases commitments through the second quarter of 2020, in an effort to narrow the trade balance ahead of Mr Trump's re-election bid. "We've agreed to far more than we have left to agree to", he said.

This panel report is a significant victory for USA agriculture that will help American farmers compete on a more level playing field. "It's closer to being a cease-fire", said Pillsbury, an occasional Trump adviser on China.

Trump said there was potentially for an "epic" and "historic" agreement.

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Strategic leadership is needed for healthy and stable development of China-U.S. ties, said Xi.

Japanese shares and United States equity futures edged up alongside Treasury yields following the remarks out of both China and the U.S. Asian trading volumes were muted, with China and Hong Kong shut for a holiday. One of the outstanding points is how numerous U.S. tariffs will be lifted immediately and how many will stay on for some time. Mr Trump has suggested that at least some of the tariffs will stay in place, saying they are necessary "for a substantial period of time" to ensure Beijing keeps up its end of the bargain.

Optimism about a deal has boosted global stock markets for much of the start of 2019, with investors seemingly less concerned about the contents of any deal than the mere fact that the world's two top economies could soon end their skirmishes.

China has floated offers to make sizable purchases of USA commodities and taken steps to show it will protect foreign intellectual property.

But the USA has indicated it will keep them in place until it's certain China will comply. An increase in tariffs by 25 percentage points on all goods traded between the US and China would reduce annual output in the U.S.by up to 0.6 percent, and up to 1.5 percent in China, she said.

He also vowed to eliminate the United States' chronic trade deficit with China, yet saw it climb to a record US$419.2b in 2018.

Serious observers will be looking beyond superficial purchasing quotas to see if a final deal on the one hand creates a more fair and competitive environment for USA companies to do business in China, while on the other hand respects the fundamentally different role the Chinese government takes in managing its economy compared to the U.S.

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