USA 'rounding the turn' on China trade talks: Donald Trump

USA 'rounding the turn' on China trade talks: Donald Trump

The United States is seeking reforms to Chinese practices that it says results in the theft of USA intellectual property and the forced transfer of technology from US companies to Chinese firms.

China and the United States concluded their eighth round of high-level economic and trade consultations in Beijing last week during which the two sides discussed the related text of the agreement and achieved new progress.

"The deal is coming along really well". Trump is scheduled to meet Liu at 4:30 p.m.in the Oval Office.

"It's looking very good".

"Some of the toughest things have been agreed to", he added. "It's got a very good chance of happening".

Both allies and opponents of the president called the closure idea economic suicide, which could explain his shift in focus to tariffs. It will be here.

"If we have a deal, there will be a summit", he said.

"We're going to give them a one-year warning", he said.

Xi also said that the healthy and stable development of China-US relations needs, in particular, their strategic leadership, and that he is ready to maintain close contact with Trump. I get along with him great.

Earlier in the day Mr Trump told reporters that discussions are going "very well" but downplayed any further speculation.

Earlier, Trump said that the negotiations were for an agreement covering the full range of United States concerns.

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Announcement of a deal could come in "the next four weeks, maybe less, maybe more" and at that time, something "monumental could be announced", he said, adding, "We are rounding the turn".

"This is an epic deal, historic - if it happens", said Mr Trump.

He was speaking from the White House, before a meeting with Chinese Vice Premier Liu He.

However, China's state media Xinhua quoted Chinese Vice Premier Liu He and said a " new consensus has been reached between China and the U.S." on the trade agreement's text under negotiation between the two sides.

The potential deal is expected to include increased purchases of U.S. agricultural products, on which China slapped heavy retaliatory tariffs, targeting Trump's political base.

The limited time frame raises questions about how much a deal would reshape the longer-term economic relationship, rather than simply serve as a political win for Trump that would last through a potential second term as the 2020 election campaign kicks off. Last month, Trump said the tariffs would stay in place for "a substantial period", although whether this would apply to both tranches of goods subjected to the new duties was unclear.

Goods trade between the United States and China totaled $660 billion previous year, according to U.S. Census Bureau data, consisting of imports of $540 billion from China and $120 billion in exports to China.

Despite strained ties between the two countries amid a lengthy trade war, the USA president told a fundraising dinner in Washington, D.C. on Tuesday that he stroked Xi's ego by calling him a monarch.

"Do we want to become more dependent on China as an export market?" he asked.

But there have been no timelines set for fixing structural issues including forced technology transfers and a crackdown on intellectual property theft.

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