Trump to discuss trade with China's Xi as talks continue

  • Trump to discuss trade with China's Xi as talks continue

Trump to discuss trade with China's Xi as talks continue

Chinese Vice Premier Liu He attends the news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People in Beijing Thomson Reuters WASHINGTON (Reuters) - China's top economic official will visit Washington next week to resume trade talks with the Trump administration, the White House said on Monday, after discussions in Beijing last week yielded no agreement on a long list of USA trade demands.

Xinhua reports that Xi said China and the U.S. should maintain communication to try to find a way to properly resolve their trade issues and achieve mutually beneficial win-win results.

Tensions between the world's two largest economies have been heightened over a soaring trade imbalance and technology disputes.

European shares are mostly lower after a day of gains in Asia, as a decision by President Donald Trump looms on whether to pull out of the US nuclear deal. Shares were higher in Singapore and Taiwan but fell 2 percent in Indonesia, where the government reported economic growth slowed in January-March.

The two sides failed to reach any consensus in two days of talks but agreed to continue discussions. Talks will resume next week when Liu visits Washington.

A Reuters report citing sources said China had offered to buy more United States goods and lower tariffs on some goods, including cars. "The Trump administration is aiming at the core of the 'China model".

Pork exports from the USA to China during 2017 represented $1.1 billion, while overall farm exports totaled just under $20 billion during the year.

Stakes in the negotiations are high.

Trump, while demanding China to reduce the USD 375 billion by USD 100 billion, retaliated with USD 50 billion tariffs on Chinese products.

For January-April, it rose to US$80.4 billion, compared with about US$71 billion in the same period a year ago.

Trump met the USA delegation in Washington over the weekend to assess the meetings.

The US along with Japan, China, and South Korea had supported the denuclearization of North Korea.

The State Department noted China's role in resolving the nuclear issue.

The second Xi-Kim meeting in about 40 days came just weeks ahead of a planned summit between the USA and North Korean leaders.

The two leaders also exchanged opinions on Xi's surprise summit with North Korean leader Kim Jong-un on Monday and Tuesday in the Chinese port city of Dalian.

Trump, calling Xi "my friend", pledged in the post that "good things will happen" on trade.