Trump promises epic trade deal with China

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Trump said if a deal can be reached, then he will hold a summit with Xi.

Xi assured Trump that text of the China-U.S. trade could be finalised soon, in a message conveyed by Liu He. Mr. Trump could also announce the date of a summit with Chinese President Xi Jinping to finalize the details of an agreement.

All these technological changes and trade patterns are the reasons why in a new research top American economists Timothy Kehoe, Kim Ruhl and Joseph Steinberg have diametrically concluded that about 85 percent of the decline in employment in the goods manufacturing sector is due to the rising labor productivity and automation in the USA, and that "only 15 percent is due to rising US trade deficits".

The two sides "reached a new consensus on important issues" in trade agreement documents, said Xinhua's report, citing Liu.

Washington and Beijing since past year have imposed tariffs on more than $360 billion in two-way trade, biting into their manufacturing sectors as the world economy slows.

Trump also thanked Xi for China's decision to add fentanyl-related substances to a supplementary list of controlled narcotic drugs and psychotropic substances with non-medical use, saying it is of great significance for American people and the U.S.

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The United States and China have not finalized a trade deal, and will continue to negotiate over remaining issues in the coming weeks.

Scissors, and others who see China as a United States adversary, worry the trade bargain may carry unintended consequences.

United States officials demand that any agreement have teeth and Lighthizer, the USA trade representative, has said tariffs offer crucial leverage should Beijing backslide on its commitments.

The National People's Congress only abolished the term limit of the Chinese presidency four months after Trump's visit, the South China Morning Post reported.

Top Chinese and USA officials are meeting to reach an agreement after the world's two biggest economies entered into a trade war and imposed tariffs on more than $360 billion in two-way trade.

The president also confirmed that the main sticking points remain measures to curb what the U.S. says is theft of intellectual property and whether existing tariffs would be removed.

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Despite Trump's rosy gloss on the talks on Thursday, US Trade Representative Robert Lighthizer told reporters that major issues were left to be resolved. The two sides had appeared to make some progress on the issue in January, when China approved a handful of GMO crops for import. "I get along with him great", Trump concluded. "We've discussed it at length", he said.

The current round of talks is scheduled to last through Friday and possibly longer.

Hopes that the talks were moving in a positive direction have cheered financial markets in recent weeks. Any deal that fails to address the core trade cheating by China-theft of intellectual property, forced tech transfer and state-owned enterprises-will be a loser for American workers.

Michael Pillsbury, an occasional Trump adviser on China attached to the Hudson Institute said the emerging accord may not sweep away all the irritants in U.S.

Failure to achieve a deal would probably see the U.S. more than double the 10% tariffs on $200bn (£153bn) of Chinese goods and impose fresh tariffs.

Analysts say any agreement is likely to include banner announcements that China has agreed to increase purchases of American commodities like soybeans and fuel. "The (Trump) administration has been equally clear that they want to keep some of the tariffs in place as a way to have leverage over China fulfilling its obligations under whatever final package is reached".

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