Published: Tue, May 15, 2018
Worldwide | By Victor Meyer

Trump says to 'stay tuned' as trade negotiations continue between US, China

Trump says to 'stay tuned' as trade negotiations continue between US, China

Earlier this month, the USA presented China with a list of demands that tackle allegations of intellectual property theft and other trade policies Washington considers unfair, which had sparked the initial "trade war" concerns as the two countries were imposing tens of billions of dollars in tariffs on each other.

Meanwhile, the National Retail Federation expressed concern that the two countries' trade dispute would harm the US economy.

After ZTE failed to take action against company employees involved in the illegal exports, the Commerce Department last month banned US companies from supplying goods to ZTE for seven years.

Trump, who has taken a hard line on trade and technology issues with Beijing, tweeted that he and Chinese leader Xi Jinping "are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast".

The United States is seeking to make a trade deal with China, White House economic adviser Larry Kudlow said on Tuesday as bilateral talks between the world's two economic powerhouses resume in Washington this week.

This week's meetings follow U.S. China, for its part, has stated that it is willing to buy more American goods and services to help reduce the trade deficit.

Relations between the USA and China have become increasingly fractious with regard to trade. Given his past vows to stop the flow of U.S.jobs to China and crack down on what he says are unfair trade practices, Trump's tweet of concern about Chinese jobs was something of a backflip.

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Chinese negotiators who were holding trade talks with USA counterparts in Beijing in late April, asked the United States to hear ZTE's appeal, and take into account the company's efforts to improve its compliance, and amend the ban. They have been making hundreds of billions of dollars a year from the US, for many years.

In retaliation, China announced its decision to impose 25 per cent tariffs on a total of 106 goods imported from the US.

ZTE is known to rely on importing chips from U.S. firms such as Qualcomm and Intel for up to a third of its components.

At the Beijing talks, the Trump administration handed China a list of hard-line demands that trade experts said could make it even more hard to resolve the trade disputes.

Ross went on to praise President Trump for fulfilling his campaign promises and making trade more fair with China.

As part of this, they also entered into an agreement with the United States government.

California Rep. Adam Schiff, the top Democrat on the intelligence committee, criticized Trump for softening his stance on ZTE.

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