On issues that remain unresolved, he said, "We're talking intellectual property protection and theft, and we're talking about certain tariffs", meaning the recently imposed tariffs. U.S. Trade Representative Robert Lighthizer greeted Chinese Vice Premier Liu He as he entered the USTR offices in Washington on Wednesday morning for the latest round of talks.
A major sticking point has been a USA demand that it retain the power to police the application of the deal.
The president said on Thursday that he would discuss the future of tariffs the United States has imposed on China with Liu. The US had imposed $250 billion worth tariffs on Chinese imports which included $50 billion on technology, 25% on industrial goods and $200 billion in products including furniture and 10% on construction materials.
President Trump backed off his immediate threat to close the U.S. -Mexico border, saying Thursday that he's going to turn to tariffs instead.
This could perversely serve to give Chinese state enterprises a greater market role while making U.S. exporters more reliant on the Chinese government's purchasing decisions - both contrary to Trump's stated goals.
This panel report is a significant victory for US agriculture that will help American farmers compete on a more level playing field.
Last month, Trump said the tariffs would stay in place for "a substantial period", although whether this would apply to both tranches of goods subjected to the new duties was unclear.
Asked about the potential for a meeting between the presidents, China's Foreign Ministry told a news briefing on Thursday that it had noted that Trump had repeatedly expressed his hope to meet with Xi. He said he would discuss tariffs with Liu in their meeting but didn't elaborate.
"The White House is not expected to announce a date for a meeting", the official said. An increase in tariffs by 25 percentage points on all goods traded between the USA and China would reduce annual output in the U.S.by up to 0.6 percent, and up to 1.5 percent in China, she said.
The merchandise-trade deficit with China hit a record US$419.2 billion in 2018.
Meanwhile, a study revealed that the burden of U.S tariffs on Chinese imports is hurting the American economy contrary to what Trump is claiming.
The potential deal is expected to include increased purchases of U.S. agricultural products, on which China slapped heavy retaliatory tariffs, targeting Trump's political base.
The deal, if finalized, will be inked at a summit between President Donald Trump and Chinese President Xi Jinping. We also doubt Trump would want to restart a trade war this side of the 2020 election, as it would be damaging for United States equity markets.
"We've had almost two decades of broken promises from China".