Soybean shocker: China surprises Trump administration with Oval Office announcement

Soybean shocker: China surprises Trump administration with Oval Office announcement

U.S. President Donald Trump cast doubt Thursday on whether the U.S. and China can reach a comprehensive trade agreement in time to keep a steep tariff increase from kicking in against Beijing in March.

"That doesn't mean you're going to have a deal but there's a tremendous relationship and a warm feeling". 'But it's a very big deal, that would be if it does happen, it would be by far the largest trade deal ever made'. "Makes so much sense for China to finally do a Real Deal, and stop playing around!"

Asked if he would postpone the USA -set deadline, Trump said: "I don't know".

US President Donald Trump touted the promise, made at the end of two days of talks in Washington, as evidence that the two sides were making progress. Earlier, Trump said on Twitter he was looking for China to open its markets.

The world's two largest economies are battling for nothing less than future dominance in critical high-tech industries, according to Lighthizer, the lead U.S. negotiator. Mr. Trump said both sides are "working hard to complete" the deal by that deadline.

Trump has been optimistic about the talks, as pressure builds from Congress to Wall Street for the White House to strike a deal. All of the many problems are being discussed and will be hopefully resolved.

A deadline looms. On March 2, the Trump administration is scheduled to escalate its tariffs on $200 billion worth of Chinese imports from 10 per cent to 25 per cent.

He has advised Trump since his upstart presidential campaign, after he gained Trump's attention with his 2011 book "Death by China" painting the country as a serial trade cheater, subsidizing export-oriented industries and manipulating its currency.

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The next round of US-China trade talks will resume Wednesday and Thursday in Washington to try to find a way out of the tariff battle between the two powers.

In an interview with the Daily Caller published Thursday, the president again pointed to the 25 percent tariff the US has placed on $50 billion in Chinese goods, majority in high technology, and an additional ten percent in tariffs on $200 billion in Chinese goods.

"Let me just remind people, we do have another 30 days after this so my expectation is we'll make significant progress at these meetings, but I would just emphasize these are complicated issues", Mr Mnuchin said.

The U.S. document lists 70 questions about Beijing's subsidy programs that highlight Washington's misgivings about the role the state plays in China's huge and growing market. A spokeswoman for the trade representative's office declined comment on the discussions.

There were also questions about whether imported cars were eligible for tax breaks and scrappage schemes and whether imported goods were eligible for a Chinese fund for promoting energy saving products.

The United States and China have been involved in months of tariff tit-for-tat that has slowed the Chinese economy and has had a serious economic impact on US manufacturing and agriculture.

The countries also agreed to strengthen cooperation on intellecual property rights and technology transfer, Xinhua said.

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