As trade deadline looms, United States and China sprint to seal a deal

As trade deadline looms, United States and China sprint to seal a deal

As trade deadline looms, United States and China sprint to seal a deal

Lighthizer pushed back when questioned on forced technology transfers, saying the two sides made "a lot of progress" on the issue, but did not elaborate.

US and Chinese trade negotiators have reached a deal on what the Trump administration has called currency stabilization by the Beijing government, according to Treasury Secretary Steven Mnuchin.

Saturday marked the fifth straight day of the negotiations between the world's two biggest economies.

Trump is trying to work out a trade deal with China and was asked about Huawei before an Oval Office meeting with Chinese Vice Premier Liu He.

Two members of the Chinese delegation, who did not give their names, told Reuters they did not know if talks would be extended beyond Friday. The negotiators are up against a March 1 deadline at which time 10 percent US tariffs on $200 billion in Chinese-made goods will swell to 25 percent.

US Trade Representative Robert Lighthizer is leading the US negotiating team, which also includes Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross.

On Wall Street, the Dow Jones industrial average rose more than 180 points as investors anticipated US and Chinese negotiators would head off a planned March 2 tariff increase on $200 billion worth of Chinese goods. The latter grouping would face the 25 per cent tariffs, too, if no agreement is reached.

The current round of U.S. -China relationship has been "very good" and that "great progress" is being made in the past two days of talks.

The exchange on Friday was not the first time the president has challenged the name of a major trade agreement with a foreign country.

And Trump said an agreement on currency manipulation will be included in the trade pact. The administration has anxious that Beijing would blunt the impact of Trump's sanctions by manipulating its currency down to give Chinese companies a competitive edge in worldwide markets.

Negotiators have struggled this week to overcome differences on specific language to address tough US demands for structural changes in China's economy, two sources familiar with the talks said.

"From China, we believe that (it) is very likely that it will happen and we hope that ultimately we'll have a deal".

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Both countries have imposed tariffs on billions of dollars worth of goods since July past year. Through it all, he has pushed the limits of US trade law to favour domestic companies over foreign rivals.

Huawei will be raised with U.S. attorneys and the attorney general in the coming weeks, Trump said, but "right now it's not something that we're discussing".

China has also committed to buy an additional 10 million metric tonnes of United States soybeans.

China's soybean tariffs have squeezed many American farmers.

"In Oval Office meeting today, the Chinese committed to buy an additional 10 million metric tonnes of U.S. soybeans". "You need objective arbitrators to make a decision". "If they don't get to, this looks exactly like Obama not wanting Congress to vote on the Iran nuclear deal".

Looking exasperated at the prospect of a sudden complication to the talks at a delicate moment, Mr Lighthizer, who was sitting nearly shoulder-to-shoulder with Mr Liu, jumped in to defend the use of MOUs, contradicting his President.

The U.S. -China conflict has rattled markets.

Shenzhen-based Huawei Technologies Co.is pushing to take a global leadership position in 5G, but many American officials suspect the company's products could be used by Beijing to spy on Western governments and companies.

The US is calling on China to make structural changes on key issues such as stopping the theft of American technology and reining in improper subsidies and other advantages provided to state-owned companies.

He said the Chamber wants to see an end to the tit-for-tat tariffs between Washington and Beijing.

US President Donald Trump speaks during a post-election press conference in the East Room of the White House in Washington, DC on 7 November 2018.

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