Published: Sun, November 04, 2018
Markets | By Erika Turner

Trump expects 'very good' trade deal with China

Trump expects 'very good' trade deal with China

The White House's leading economic adviser has poured cold water on hopes of an imminent trade deal with China, reversing stock market gains that were triggered by bullish comments from President Trump and President Xi on Thursday. As reported by our site with reference to Voice of America, this statement was made by the President during a conference at the White house. "If we can open up China and make it fair, for the first time ever-this should have done years ago by other presidents but it wasn't-I am very much willing to do it". USA tariffs on half of what China exports to the United States have sapped confidence in Beijing's ability to maintain current growth levels.

"We are getting much closer to doing something", Trump said.

Stocks have rebounded to their highest point in three weeks on Friday following the Trump administration's request for a possible trade deal with China.

The Trump administration has imposed tariffs on $250bn of trade with China this year and has threatened to hit all imports from China, which were worth $505bn last year.

"Both leaders attach great importance to China-U.S. ties and economic ties", Lu said.

In response, "Asian stock markets jumped Friday, reflecting investor relief about upcoming trade talks between China and the USA, as well as the dollar's gains against a basket of major currencies including the yen", reports MarketWatch.

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The pound dipped but held most of its gains after a report that British Prime Minister Theresa May had reached a post-Brexit deal with Brussels securing access to the European Union for Britain's key finance sector.

President Donald Trump said he spoke with Chinese President Xi Jinping on trade and North Korea ahead of a meeting planned between the two leaders at the G20 summit next month. "We talked about many subjects, with a heavy emphasis on Trade", Trump tweeted.

Jacob Parker, vice president of China operations at the US-China Business Council in Beijing, said there were plenty of challenges that would require significant negotiations in advance of a meeting between Trump and Xi to ensure success.

Tokyo's benchmark Nikkei index surged 2.56 percent, while the broader Topix was up 1.64 percent, also on hopes of a breakthrough in US-China trade relations.

"I hope that China and the US will meet each other halfway and will appropriately handle their differences with mutual respect and equal cooperation", stated the Chinese premier.

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