Trump welcomes trade agreement with China

White House National Economic Council Director Larry Kudlow. Chip Somodevilla  Getty Images

November 15, 2018 (EIRNS)-Weeks before U.S. President Donald Trump and China's President Xi Jinping are scheduled to address the trade issues at Buenos Aires during the G20 meeting at the end of this month, trade talks between China and the United States have begun again.

Washington has been ramping up pressure on Beijing in recent years, imposing tariffs on Chinese goods and lately accusing China of interfering in USA domestic politics.

"China wants to make a deal", the president told reporters Friday in the Oval Office.

"They sent a list of things that they're willing to do, which was a large list".

While the offer is not acceptable yet, he said he was optimistic for an agreement to get "reciprocal" trade.

The commitments for now fall short of the type of major structural reforms that Trump has been demanding, two of the people said, adding that a long road lies ahead in negotiations.

Trump said the USA would proceed with a threat to impose additional tariffs on $267 billion worth of Chinese products if the two countries don't reach a deal, but he added, "We may not have to do that".

Trump's comments gave a boost to US stocks with the Dow Jones finishing the day up more than 100 points.

US President Donald Trump said China has sent a list of trade concessions.

Trump and China's President Xi Jinping are scheduled to meet over dinner later this month at the Group of 20 summit in Buenos Aires.

"We will continue to fly and sail where ever worldwide law allows and our interests demand".

The rising deficit with China is probably a short-term phenomenon, and seems unlikely to persist if Trump follows through with his threat to extend tariffs to all Chinese imports and raise rates from the current 10% to 25% should the two nations fail to reach a deal before the end of the year.

The president said that tariffs the United States recently imposed on a range of Chinese products have put pressure on that country to agree to a trade pact.

Meanwhile, Commerce Secretary Ross said top Chinese trade negotiator Liu He would arrive in the United States yet again for "some informal talks".

Some firms have even warned that they might have to postpone investment plans if they can not insure a steady supply of material.

The Chinese document was said to include 142 items divided into three categories: issues the Chinese are willing to negotiate for further action, issues they are already working on and issues they consider off limits.

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