Trump touts advances in trade talks with China

US President Donald Trump on Saturday said that great progress has been made in trade negotiations between the US and China, though he gave no specific details.

"Just had a long and very good call with President Xi of China. Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!," Trump wrote on Twitter.

The US and China are in the midst of a 90-day trade truce reached by Trump and Xi at the G20 Summit in Argentina in early December, reports Efe.

If no solution has been found by the end of the truce that satisfactorily allays Washington's concerns, US tariffs on $200 billion worth of Chinese goods will soar from 10 per cent to 25 per cent.

China's finance minister announced in mid-December that Beijing will suspend additional tariffs on vehicles and vehicle parts made in the US for three months starting January 1.

At the same time, the Xi government approved the renewal of imports of US soybeans, while Chinese lawmakers agreed to come up with a bill banning the forced transfer of technology.

For his part, Trump said two weeks ago that his country could soon reach a trade agreement with China.

The White House wants the talks with Beijing to lead to structural changes in the Chinese commercial system, particularly with regard to what it considers a forced transfer of technology and the scant protection for intellectual property.

The Trump administration also hopes that these negotiations lead to an opening of the Chinese market to US agricultural and manufactured products.

--IANS

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