Trump has been accusing China of indulging in unfair trade practices, like the theft of U.S. technology and massive state intervention in markets, contributing to the huge trade deficit amounting to Dollars 375 billion. Any hint that the talks have run into deadlock will unnerve investors and trigger fresh concerns for the world economy, which has already been rattled by tit-for-tat tariffs that the USA and China have imposed on each others goods.
The two countries are engaged in intense negotiations to end a months-long trade war that has rattled global markets, but hopes of a resolution soared after both sides expressed optimism following talks in Beijing last week.
It is fair to say that in order to explore new grounds of collaboration after 40 years, time has come for Beijing and Washington to adjust to the new realities, manage their differences properly, focus more on cooperation, and build a relationship featuring coordination, cooperation and stability. We've been losing for many years, four, five, $600 billion a year, we're losing.
"The White House is not expected to announce a date for a meeting", the official said. "But it looks like it is moving along very nicely".
From this perspective, an agreement that mainly delivers a promise from China to purchase more goods solves a problem that doesn't really exist. "We're going to tariff their cars coming into the United States", Mr. Trump said.
Earlier, Trump said that the negotiations were for an agreement covering the full range of USA concerns. "It's got a very good chance of happening".
U.S. Trade Representative Robert Lighthizer (L), listens to Chinese Vice Premier Liu He while they line up for a group photo at the Diaoyutai State Guesthouse in Beijing, February 15, 2019.
As far as we can tell, no one else has called Xi Jinping "king". It will be here.
Trump added that "some of the toughest things have been agreed to", and "we've agreed to far more than we have left to agree to". The two sides had appeared to make some progress on the issue in January, when China approved a handful of GMO crops for import. "I get along with him great", Trump said, prompting laughter, CNN reported.
USA and Chinese officials are still discussing when the two leaders could sit down to sign off on their trade deal. "If that doesn't work, we'll close the border".
Chinese Vice Premier Liu said that the two countries have made great progress.
The announcement of a Trump-Xi summit is basically an announcement of a trade deal.
Mr. Xi also sounded an upbeat note, conveying to Mr. Trump through Liu that he wanted an early conclusion to the negotiations on the text of a bilateral trade deal.
President Xi Jinping says that China and the US have made substantial progress in trade talks and is calling for an early conclusion to negotiations.
Mr. Trump's meeting with Liu comes hours after he threatened to impose tariffs on cars coming into the USA from Mexico.