Working with US day and night to get trade deal: China

Working with US day and night to get trade deal: China

Optimism about a rapid resolution of the months-long US-China trade war was undercut by conflicting comments out of Washington and Beijing, sending global stock markets on a downward slide on Friday.

But his ambassador to China, Terry Branstad, told the Wall Street Journal on Friday that the two countries were not yet ready to bring Trump and Xi together for a summit and deal signing.

Chinese officials were surprised Trump walked away from denuclearization talks with Kim and do not want the same thing to happen to Xi, the newspaper said.

"Throughout the negotiations, there was coffee and tea, but the two of them did not drink any coffee, did not drink any tea".

And weak USA employment data added to the pessimism, causing Wall Street to dive at the open, and although it recovered some ground by the end of session, all three main indices closed lower for the fifth consecutive day.

He credited Trump's tough negotiating strategy and "aggressive tariffs" for bringing Beijing to the negotiating table.

It is unclear when or where senior negotiators from both sides will next meet.

Asked about the prospects of a deal, Mr Wang told reporters he was "hopeful" as both sides worked around the clock to reach consensus.

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United States trade deficit had reached a record high in 2018, as lower tax triggered strong domestic demands had been fueling imports despite Trump's America first policies, targeted at shrinking a growing trade gap.

"Therefore, China is now cleaning up and standardizing various subsidies", Xiao told reporters on the sidelines of the annual meeting of parliament. It was unclear whether standardizing subsidies refers to adjustments of subsidies or their removal entirely.

"But if we don't make a very good deal for our country, I wouldn't make a deal", he said.

Donald Trump on Friday said he remains optimistic but will not sign a pact unless it is a "very good deal", and a top economic advisor said the USA president could walk away from a bad deal.

In that case, working groups failed to finalize the details of an agreement before the two leaders met, leaving little time for further negotiations and ultimately setting the summit up for failure.

"Things are not yet agreed", the source said.

Trump has vowed that any deal will result in large Chinese purchases of American goods, including soybeans and energy like oil and gas. "Maybe a third country would be better", Tu said. However, he did not answer a question on when he expected a pact would be inked.

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