President Donald Trump provided an optimistic evaluation of US-China trade talks and said he’d meet in the White House on Friday together with the chief of the Chinese negotiating group.
Expectations were low which the discussions would do much to solve a 15-month trade conflict that’s weighing on the worldwide market.
But while the first of an expected two days of discussions wrapped up Thursday, Trump told reporters at the White House, “We are doing quite well… We are going to see them tomorrow right here, and it is going well.”
The planet’s two largest markets are deadlocked over US allegations that China steals pressures and technology overseas businesses to hand over trade secrets as part of a sharp-elbowed push to be a world leader in advanced industries like robotics and self-driving cars.
This would extend import taxation to nearly everything China ships into the USA. China has struck back by targeting roughly $120 billion in US goods, focusing on farm goods.
A personal survey found that US factory output had fallen to the lowest level since 2009, once the market was in the grips of a deep downturn.
“Both sides have been dropping, and thus has the international market,” said Myron Brilliant, head of global affairs at the US Chamber of Commerce.
Brilliant, who talked with both delegations before the meetings, seemed optimistic about the odds of advancement, noting that Beijing has stepped up purchases of US soybeans at a goodwill gesture. He said that he expected that a successful meeting would convince the Trump government to call off or postpone plans next Tuesday to increase tariffs about $250 billion of Chinese imports from 25% to 30 percent.
“All of us know we can not afford a further escalation of this trade warfare,” Brilliant said.
However, Beijing has been unwilling to produce the type of purposeful policy reforms that could suit Washington. Doing this probably would require climbing back the Chinese leaders’ ambitions to technological dominance that they view as critical to their nation’s future prosperity.