China 'confident' it can reach United States trade deal



But Mnuchin added, "If that's real" - thereby raising some doubt - it would close the USA trade deficit with China, and "We have to have a negotiated agreement and have this on paper". He said his "expectation" is that China might roll back tariffs on goods "quickly". The exact timing of the purchases was also not clear.

However, it still remains unclear when the purchases will take place and whether China will remove the retaliatory tariffs on these products or not; Beijing may instead choose to reimburse buyers for the tariffs paid as they have previously done so.

"China will start from implementing specific issues on which consensus has been reached, and the sooner, the better", the Commerce Ministry said on its website.

One issue that could impact China's commitment will be Washington's ability to create a united front with its allies to counter Beijing's predatory trade practices.

"Unless extended, they will end 90 days from the date of our wonderful and very warm dinner with President Xi in Argentina", Trump tweeted.

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Trump later said he did not want "to sound naive or anything", but he believes Chinese President Xi Jinping "meant every word of what he said at our long and hopefully historic meeting" at last week's G-20 summit in Argentina. "ALL subjects discussed!" Trump wrote on Wednesday.

"Despite a temporary de-escalation of hostilities following the G-20 summit, the relationship between the US and China will remain contentious", Moody's Investors Service in a report. So the key question with the upcoming talks both for the factions within the Trump administration and between the United States and China writ large is whether China will follow through.

Trump again on Wednesday applauded giving sellers of the drug the death penalty, echoing his previous comments on stringent punishment for drug dealers, tweeting: "The results will be incredible!"

The president also noted that negotiations between the two countries were underway and left open the possibility of an extension to the ceasefire. Wall Street was initially encouraged by Trump's deal with Xi in which both sides agreed to a 90-day truce in the U.S.

On Tuesday, China's government issued a pledge that appeared to be aimed at mollifying USA complaints about rampant violations of patents and copyrights. "China has to do this, basically to get room to breathe", an executive at a state-owned trading house told Reuters.

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On one side are those, led by Treasury Secretary Steven Mnuchin, who believe that China's leaders can be persuaded to stop stealing USA technology and respect US intellectual property. "It is expected that they will start sending out goodwill signals", Tian Hao, senior analyst with First Futures told Reuters.

In other areas, officials from the United States and other members of the Five Eyes intelligence alliance that includes Britain, Canada, Australia and New Zealand report robust dialogues over coordinating the Western response to China's rise.

For its part, China has said it will import more U.S. products to reduce its trade surplus, but no dollar amount has been publicly discussed.

While Asian equities dropped yesterday in the wake of the biggest slide in stocks on Wall Street since the mid-October downdraft, USA futures advanced after the statement from China echoed Trump's optimism over trade talks.

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