Trump sees trade deal with 'friend' Xi

President Trump Expresses Confidence in Fair Resolution to Trade Dispute with China

Trump sees trade deal with 'friend' Xi

He also said taxes will become more fair between the two countries.

"Trump has moved further in the wrong direction", said He Weiwen, a Chinese trade policy expert and former commerce ministry official.

The further tariffs were being considered "in light of China's unfair retaliation" against earlier USA trade actions, which included a proposed $50 billion of tariffs on Chinese goods, Trump said in a White House statement on Thursday. "We want them to guard intellectual property, not take it from us".

Despite the ongoing dispute, the US President today insisted that a deal on intellectual property with China would mean a "great future for both countries".

Trump did not explain why, in a week of economic saber-rattling between the two countries that shook global markets, he felt confident a deal could be made.

The president made fixing the trade imbalance with China a centerpiece of his presidential campaign, where he frequently used incendiary language to describe how Beijing would "rape" the USA economically. The US bought more than $500bn in goods from China previous year and now is considering penalties on some $150bn of those imports. Just a day earlier the Trump administration had outlined its plans to assess punitive tariffs on $50bn worth of Chinese exports, to which Beijing responded in kind.

China shot back 11 hours later with a list of proposed duties on $50 billion of American imports, including soybeans, aircraft, cars, beef and chemicals.

But he said the White House is willing to negotiate and is in regular contact with Chinese officials.

Top members of Trump's economic team, speaking on Sunday morning talk shows, defended the US threats to impose tariffs on Chinese imports and framed the moves as part of a longer-term strategy for growth - while suggesting a trade war can be averted. And he said that although the US hoped to avoid taking action, Trump "was not bluffing".

Newly minted White House economic czar Larry Kudlow said the latest moves were necessary to send Beijing a message.

Kudlow said while he would support imposing tariffs if negotiations with China fail, nothing has happened yet. During an address to a Chinese government-hosted forum on Hainan island, Mr Xi's challenge will be to outline bold new economic reforms and measures to open markets without appearing to bend to U.S. pressure on trade.

Asked on CBS's "Face the Nation" about Trump's Sunday tweets and whether China has given any sign of concessions, Treasury Secretary Steven Mnuchin said "it would be inappropriate for me to comment on what our back-channel discussions are".

But China had ample weapons and ammunition to fight a trade war, the Global Times said.

White House trade adviser Peter Navarro told NBC's Meet The Press that "we're moving forward in a measured way".

The intensifying trade confrontation has wreaked havoc on Wall Street.

After the USA unveiled a list of $50 billion in potential tariffs on Chinese products, Beijing responded with plans to implement billions in penalties beans, on US soybeans, cars and other items.

On Sunday, the state People's Daily newspaper sought to tap into concern among some USA business leaders over the impact of Washington's planned tariffs.

He added that he and China's President Xi Jinping "will always be friends, no matter what happens with our dispute on trade".

Further escalation could be in the offing.

"The Chinese side urges the U.S. side to resolve the concerns of the Chinese side as soon as possible", the ministry said.

Chinese workers stand in front of a loaded cargo ship docked at a port in Qingdao in east China's Shandong province on Sunday.

The president made fixing the trade imbalance with China a centerpiece of his presidential campaign, frequently using incendiary language to describe how Beijing would "rape" the USA economically.

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