President Trump and China Vice Premier Liu showed confidence on Thursday after a meeting. We’ll get a great deal now if everything works, “said Trump. His Trade Representative Robert Lighthizer said progress had been made in the two-day talks in Washington, but there was still a lot of work to do.
The guest from Beijing handed Trump a letter from head of state Xi Jinping. Relations between China and the United States are “at a critical juncture,” the letter said. “I hope both sides will continue to work in mutual respect,” Xi continued.
Trump wants to meet with Xi soon to settle the trade dispute between the two largest economies in the world. The letter Xi’s he described on Thursday as a “beautiful letter”. A date for a summit had not yet been fixed, said the US president. If it comes to a trade agreement, this will be the largest that has ever been closed.
Previously, high-level delegations from both countries had sat together in Washington for two days to find ways out of the trade dispute. Trump said he would make the decision with Xi in the end. The United States has exempted China with special duties on imports of goods worth $ 250 billion. China had defended itself with special duties.
In terms of content, there were still serious differences on Thursday. “We will not get a deal unless we open it up to farmers and industry,” Trump said. “Without that, an agreement would not be acceptable!”, He had previously stated via Twitter. Progress has been made in financial services.
They are working hard to reach an agreement by March 1, Trump said. If no solution can be found by then, he wants to increase the special duties on imports from China worth 200 billion dollars from the current 10 to 25 percent. Both sides had agreed on a 90-day truce in Argentina in early December. Key issues include the United States’ fight against theft of intellectual property, hidden subsidies in Chinese state-owned enterprises, and the smuggling of the opiate Fentanyl into the United States.
Both countries have covered each other with special tariffs in recent months, so that now around half of all US imports from China are burdened with extra tariffs. The United States is currently taking in billions on special duties on Chinese imports. “We have imposed very heavy duties on them,” said Trump.
The new round of talks between the two sides had begun on Wednesday. The talks had been overshadowed by an US indictment against the Chinese telecom group Huawei. Among other things, the company and parts of its management are accused of undermining US sanctions against Iran. The company rejects the allegations and believes that they can refute them in court.
The United States is calling for more market access in China, a reduction in the trade deficit, and better protection against piracy and forced technology transfer to American companies operating in China. Washington also wants to force Beijing to make structural changes to its state-owned enterprises. Compliance is a key issue, said US Trade Representative Robert Lighthizer.