Why slowing economies could prod USA and China to reach deal

Why slowing economies could prod USA and China to reach deal

U.S. trade negotiators will "optimistically and constructively communicate with (the) Chinese delegation on the important agreements achieved by the two leaders during the meeting in Argentina", China's Commerce Ministry said in a statement, without giving further details. -China relations will force other USA companies to cut their sales estimates in China.

Trump and Xi agreed to postpone additional tariff hikes for 90 days, but economists say that is too little time to resolve their sprawling dispute. White House had earlier said that the tariffs were being imposed in response to China's unfair trade practices that have led to large trade deficit with USA.

"If we have a successful negotiation with China, then Apple sales and everybody else's sales will recover". The longer their trade war lasts, the longer companies and consumers will feel the pain of higher-priced imports and exports.

Another 33 percent of companies said they plan to move out of China in the next six to 12 months, according to the UBS report.

The presidents of China and the USA have exchanged messages vowing to boost cooperation despite a bruising trade war on the 40th anniversary of the countries' diplomatic relations, Chinese state media reported.

The US and China have exchanged tit-for-tat tariffs on more than $300bn worth of goods in total two-way trade, locking them in a conflict that has begun to eat into profits and contributed to stock market plunges.

Deputy US trade representative Jeffrey Gerrish will lead the American delegation, China's Ministry of Commerce said.

But aside from products facing earlier tariffs - including washing machines, solar panels and metals - Chinese exports to the USA have held up better than expected.

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Growth is expected by the government to have eased to around 6.5% in 2018, down from 6.9% in 2017.

On top of concerns about collateral damage from the U.S.

China's economy has been decelerating since the government pulled back on bank lending a year ago to try to curb a run-up in debt.

Hassett said Asian economies including that of China have been slowing quite a bit since last spring and that China is "feeling the blow" of US tariffs.

"Clearly both sides are feeling economic stress, but both have high ambitions".

Beijing last month said that negotiations would start by focusing on agricultural goods, energy and automobiles.

USA access to China to do business has been one of the key sticking points of the two countries' trade relationship, and President Trump has explicitly criticised the Made in China plan previously. "However, these reasons can only take you so far..."

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