Trump says he called Xi Jinping the 'king' of China

Trump says he called Xi Jinping the 'king' of China

Trump says he called Xi Jinping the 'king' of China

"We're getting into the end-game stage", Myron Brilliant, executive vice-president for worldwide affairs at the U.S. Chamber of Commerce, said Tuesday, according to the FT.

The US-China trade spat has hurt consumer as well as business sentiments.

The countries have been trying to negotiate a deal to end the spat.

"Some of the toughest things have been agreed to", Trump said.

Mr Lighthizer is insisting on Washington's right to impose punitive tariffs on China if there is a violation of the agreement, and a guarantee that China would not retaliate with its own tariffs.

"We're not there yet and we hope this week we get closer", Kudlow said. The president has spoken of keeping at least some tariffs in place as leverage to encourage the Chinese government to comply with an eventual agreement. While China (TCEHY) (BIDU) would want the tariffs that US President Donald Trump imposed past year to be waived as part of the deal, last month Trump said that the tariffs could remain for a "substantial period". A pair of recent academic studies concluded that the entire tariff burden has fallen on Americans.

USA and Chinese officials are still discussing when the two leaders could sit down to sign off on their trade deal. If the two leaders decide to haggle in person over any final details, a third-country venue is more likely.

United States officials favour tariffs as a way to maintain leverage on China and ensure those obligations are met.

While some reform pledges by Beijing are largely set, including an agreement to avoid currency manipulation, an enforcement mechanism to ensure that China keeps its pledges and the status of USA tariffs on $250 billion worth of Chinese goods must be resolved.

Trump said Thursday that any summit would be "here", but he did not specify whether he meant Washington or elsewhere in the United States.

The presidents want a deal, and they need to get through the end-game issues. During his presidential campaign, he assailed China for the "rape" of the American economy.

High-level talks that began in Beijing last week are continuing this week in Washington.

At issue is whether the two sides can reach an agreement that could potentially lift billions of dollars of tariffs on Chinese goods in exchange for the United States having the power to take unilateral action to penalize Beijing if it fails to play by the rules of the deal.

That would translate to about 1 percent of the workforce in the US agricultural and transportation equipment sectors, and 5 percent in Chinese manufacturing other than electronics, like furniture and jewelry.

In several rounds of talks, negotiators have roughed out an agreement of more than 120 pages that would include Chinese promises to restructure elements of its state-led economy and to boost substantially their purchases of American products. This would represent a backslide in China's movement toward an open market economy, potentially frustrating USA attempts to increase American companies' access to, and investment in, Chinese markets. China, however, wants to see the tariffs removed immediately. "We have to make sure there's enforcement".

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