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Trump dampens chances of trade deal with China

AFP  |  Washington 

US and Chinese officials face a new round of tough trade talks today as discounted chances of a deal, but extended a potential olive branch.

met with a Chinese delegation headed by yesterday as talks aimed at easing frictions between the economic powers got underway.

"The two sides agreed to continue the discussions on Friday," the said.

But speaking earlier in the day about the prospects for the talks to be successful, was not optimistic, saying: "I tend to doubt it." "has become very spoiled... Because they always got 100 per cent of whatever they wanted from the United States," he said.

Trump unleashed a barrage of criticism against former US administrations for allowing to take advantage of the

"We have been ripped off by And an evacuation of wealth like no country has ever seen before given to another country that's rebuilt itself based on a lot of the money that they've taken out of the United States," he said.

"Trade has been a total one-way street," Trump said. "And I explained to (China's) (Jinping) that we can't do that anymore." But hours later, China's commerce ministry announced that it was terminating its anti-dumping and anti-subsidy probe into US sorghum imports, saying punitive measures would increase costs for the Chinese livestock industry and consumers.

Provisional duties had been imposed last month. Tariffs on sorghum would hurt farmers in states such as Kansas, Texas, and Oklahoma, which are also major Republican-leaning states that make up Trump's electoral base.

Separately, the Chinese delegation has offered a USD 200 billion reduction in its annual trade surplus with the US by increasing American imports and other measures, according to News, which cited a Such a reduction is among a list of US demands.

But in Beijing, said the "rumours are false" and the "consultations are indeed still in progress and the talks are constructive."

Lu also said the decision to drop the sorghum probe should not be "over-interpreted." - 'Meet each other halfway'.

China's Liu held talks with Trump and other top US officials, saying the two countries should "meet each other halfway, respect each other, and work together to push forward bilateral ties in a healthy and stable manner," according to China's agency.

The US has threatened to impose 25 per cent punitive duties on up to USD 150 billion in Chinese goods while has targeted USD 50 billion in American exports.

China said it hoped the two sides could resolve the trade frictions through talks.

"But of course we've prepared a response for various possibilities," said at a press briefing yesterday.

The meetings, part of a busy week of US trade negotiations and tight deadlines in Washington, have become enmeshed in political intrigue after a Trump considered a hardliner on China was left out.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 18 2018. 20:05 IST