Trump says he knows why China U-turned on USA trade deal

Trump says he knows why China U-turned on USA trade deal

After some speculation that a Chinese delegation may not travel to Washington for trade talks, a spokesman for China's foreign ministry confirmed that officials would attend the meetings on Thursday and Friday.

Investment bank Goldman Sachs puts the odds of the US slapping higher tariffs on $200 billion in Chinese goods on Friday at 60 percent.

The increase takes effect on the second day of Liu's visit, but it will not dampen hopes for an agreement, at least in the mind of U.S. President Donald Trump.

USA officials have said China backtracked on substantial commitments it made during trade talks with the United States, prompting President Donald Trump to impose additional tariffs on Chinese goods slated to go into effect on Friday.

"If the U.S. tariff measures are put into effect, China will have no choice but to take the necessary countermeasures".

The White House received a diplomatic cable from Beijing late on Friday night containing systematic edits to the pair's almost 150-page draft trade agreement, threatening to undo months of negotiations between the world's two largest economies.

Traders work on the floor at the New York Stock Exchange on Tuesday, when major stock indexes plunged after US officials accused China of reneging on commitments in trade negotiations.

Reuters reports that on Friday China deleted its previous commitments to change laws in response to many core United States complaints, including the potential theft of American intellectual property and trade secrets, in each of the draft trade deal's seven chapters.

Media reports suggest that the two sides are still discussing key issues on structural issues, such as the United States accusation of unfair subsidies in China, a mechanism to verify compliance and what to do with the tariffs the two have already imposed on each other's goods.

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The Trump administration's demand for the Chinese regime to implement structural reforms, which propelled it to launch the trade war with China last March, has been a sticking point during trade negotiations. China, as a reaction, initially decided against sending its envoy to the USA for talks.

U.S. West Texas Intermediate crude futures rose 0.8 percent to $61.88 per barrel, recovering some ground after sinking 1.36 percent on Tuesday.

In the USA the S&P 500 fell for the fourth session in five days, declining by as much as 2.1%.

He also said that China's vice-premier Liu He would fly to Washington this week for the next stage of talks as originally planned.

Over the weekend, President Donald Trump announced higher tariffs on Chinese imports, causing Beijing's stock market and currency to tumble. A ramped-up trade war could impact US businesses by increasing their costs for imports, which would either be eaten or passed onto consumers in higher prices. Reports about China's intentions have varied over the last few days: The Wall Street Journal reported Sunday that China was thinking about canceling the talks, but CNBC reported soon after that China was still preparing to make a trip to the us this week.

The Trump administration has threatened to raise tariffs on $200 billion in imports from China to 25% from 10%, starting on Friday.

"There's no question that some of the trade policies helped in the GDP number", Mnuchin said. Robert Lighthizer, the top USA official on trade, confirmed on Monday the increase will come if an agreement is not made before then.

Earlier this week Trump sent global financial markets plunging with a surprise threat of more penalties on Chinese imports. But Beijing has said that it is "fully prepared for an escalated trade war", adding that it might impose countermeasures to retaliate against the tariffs.

A Reuters report earlier quoted U.S. government and private-sector sources as saying China had backtracked on nearly all aspects of a draft trade agreement with the United States.

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