Donald Trump says US-China trade talks were ‘very productive’ after briefing
- President tweets his thoughts after meeting his trade team at Mar-a-Lago estate in Florida
- Says ‘Billions of Dollars are being paid to the United States by China in the form of Trade Tariffs’
US President Donald Trump received an update on the US-China trade talks on Saturday at his Florida retreat after discussions in Beijing saw progress ahead of a March 1 deadline for reaching a deal.
Trump, at his Mar-a-Lago club, was briefed in person by US Trade Representative Robert Lighthizer, Commerce Secretary Wilbur Ross, White House Chief of Staff Mick Mulvaney and trade expert Peter Navarro, White House spokeswoman Sarah Sanders said. Treasury Secretary Steven Mnuchin, economic adviser Larry Kudlow and other aides joined by phone.
The White House offered no other details.
China, US make ‘progress’ but trade war talks to continue in Washington
Both the United States and China reported progress in five days of negotiations in Beijing this week but the White House said much work remained to be done to force changes in Chinese trade behaviour.
Soon after the Florida meeting, Trump said on Twitter: “Trade negotiators have just returned from China where the meetings on Trade were very productive … In the meantime, Billions of Dollars are being paid to the United States by China in the form of Trade Tariffs!”
At a White House press conference on Friday, Trump said the talks with China were “very complicated” and that he might extend the March 1 deadline and keep tariffs on Chinese goods from rising.
US duties on US$200 billion worth of Chinese imports are set to rise to 25 per cent from 10 per cent if a deal is not reached by March 1 to address US demands that China curb forced technology transfers and better enforce intellectual property rights.
Trump’s fair trade and intellectual property demands ‘good for China’, economist says
China’s chief trade negotiator Vice-Premier Liu He and Lighthizer are set to lead the next round of talks in Washington this week.
Both sides agreed to work towards a “memorandum of understanding” that could form the basis of a deal between Trump and Chinese President Xi Jinping, although a summit between the two leaders has yet to be scheduled.
Trump’s optimistic comments contrasted with the measured tone of the official US statement on the talks released by the White House. In its statement, the US cautioned that “much work remains,” making no mention of the “consensus in principle” cited in the Chinese statement.
Trump also said on Friday said he would consider bringing Democrats to the negotiating table. His remarks suggest he may be preparing a campaign to sell a potential trade deal with China in Washington, although some Democrats have pressed Trump to stick to a tougher approach on Beijing.
“Any deal I make toward the end I’m going to bring Schumer – at least offer him – and Pelosi. I’m going to say please join me on the deal,” Trump said, referring to Senate minority leader Chuck Schumer and House Speaker Nancy Pelosi. “I’ll put them in the room and let them speak up.”
China’s top economists call for more action to fend off growing risks
American business groups welcomed the signs of progress but urged the two sides to close the gaps.
“A final, comprehensive deal is only possible if progress is made to address a range of structural reforms – including concerns over forced technology transfers – and tangible improvements in market access are clear, concrete, and enforceable,” US Chamber of Commerce head of international affairs Myron Brilliant said in a statement.
Craig Allen, president of the US-China Business Council, said any agreement should be “detailed, enforceable, time-bound, and result in market-access improvements that have a meaningful impact” on American companies, workers and farmers.
Additional reporting by Bloomberg
