China on Thursday appealed to the United States to meet it halfway to salvage a deal that could end their trade war.
Trump raised duties on $250 billion of Chinese imports starting in July over complaints Beijing steals or pressures companies to hand over technology. "I did get last night a very lovely letter from President Xi".
The claim was backed-up by White House Press Secretary Sarah Sanders, claiming the Trump administration had received "indications" from China that the country would be interested in cutting a deal.
"I am different than a lot of people".
Trump said he expected "a very strong day" at the negotiating table, but added "our alternative is an excellent one", an apparent reference to the tariff increase. But it has also sent its own signals that a deal could take time. "You can't do that", Trump said on Thursday. Neither side has provided details of specific issues involved, although the clashes are thought to include differences over intellectual property theft and requiring United States companies operating in China to share technology with Chinese counterparts.
Chinese investors monitor stock prices at a brokerage house in Beijing.
All of this, plus the already existing 25% tariff on another $50 billion worth of goods means that nearly all of the $540 billion worth of goods being imported from China will have a 25% tariff imposed on them, as soon as this Friday, when the new tariffs will go into effect.
Shares in Asia were mixed Friday amid renewed investor jitters that global growth might suffer in the battle between the two biggest economies and worldwide traders.
His comments followed a Reuters report that quoted U.S. government and private-sector sources as saying China had backtracked on nearly all aspects of a draft trade agreement with the United States.
The sudden rupture has roiled global stock markets this week and unnerved exporters caught off guard after negotiators on both sides had previously touted progress in the negotiations. The Dow Jones Industrial Average was off by as much as 430 points through the morning session.
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Markets in Europe and Asia sank again on Thursday. "They didn't realise when they pulled their concessions off the table that the administration would have the reaction that it did", he told AFP.
Nonetheless, there's still a possibility of both sides striking a compromise as the tariffs implementation by the U.S. here is still widely regarded as a negotiating tactic or something to force China's hand.
Economists say, however, that this will not happen, and manufacturing will shift to other low-priced countries. "China is not willing to make high-profile public changes".
"Mentally and materially, China is much better prepared than its US counterpart", the newspaper said.
Kennedy warned that the "possibilities for miscalculation on both sides is pretty high".
After Trump announced the tariff hike on Sunday, the S&P 500 has dropped every day.
"Once the tariffs went on, they upped the meeting". Customers so far have suspended orders. "China sets great store on trustworthiness and keeps its promises, and this has never changed", he told a news briefing in Beijing.
Washington has demanded significant reforms to the Chinese economy, such as subjecting state enterprises to market principles, a reduction of massive subsidies and curbing the alleged theft of U.S. intellectual property.
He said if the two sides didn't make a deal, there was "nothing wrong with taking in more than $US100b a year".
While American companies complain of lost export markets, disrupted supply chains and higher costs, the USA continues to see steady growth and falling unemployment.