The White House's leading economic adviser has poured cold water on hopes of an imminent trade deal with China, reversing stock market gains that were triggered by bullish comments from President Trump and President Xi on Thursday. "They very much want to make a deal", Trump said. "We're getting much closer to doing something", Trump said.
Trump said that in early October China wanted to come in and make a deal, but he told them they weren't ready. "We're not on the cusp of a deal". "This time they no longer described the economy as "stable with good momentum", Shen said.
"For China, signs of a further slide in growth and threats of expanded tariffs from the us are an unfortunate combination".
A Chinese state-owned company was charged on Thursday with stealing technology from USA chipmaker Micron Technology Inc., part of a Justice Department crackdown against China in cases of suspected economic espionage.
Trump said he will have dinner with Chinese President Xi Jinping at the November 30-December 1 G20 summit of industrial and emerging market nations.
The news erased early gains in United States stocks and a rally in global markets that had lifted emerging market stocks by their largest daily gain since 2016.
Chinese state media said Trump also expressed support for a conference in Shanghai next week that Xi is using to promote the country as an import destination.
He added that any deal reached must be "fair".
The Trump administration has imposed tariffs on $250 billion worth of Chinese goods, and Trump has suggested that tariffs could be coming for all other Chinese imports, worth as much as $267 billion, not now subject to duties. In Beijing Trump's move was seen as an insult to Xi, who sent a personal emissary to Washington for the negotiations, and cemented a view that Trump's real goal is to thwart China's rise.
China and the United States are locked in an increasingly bitter trade war, with both countries have already placed tariffs on some of each others imports.
Will actively make us of foreign investment, safeguard foreign firms' interest in China. "We talked about many subjects, with a heavy emphasis on Trade".
"The spring of 2019 will be the real hard time for China as multiple factors such as trade tension, slower sales of durable goods and the end of a property boom in lower-tier cities weigh on growth", Lu Ting, chief China economist at Nomura International Ltd.in Hong Kong, said after the announcement.