President Trump said Sunday that weakness in China's economy could spur a trade deal, as USA and Chinese negotiators in Beijing held new talks under rising pressure to end the tariff war that is hurting both nations' economies and roiling financial markets.
Monday's events also came as China and the US began talks in an attempt to settle a trade war that has cost both countries billions of dollars.
On Jan. 4, Trump told reporters at the White House that he's optimistic about the talks. "I think the two sides need some kind of agreement for now", Tu said.
Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to Dollars 375 billion, sounded positive note by saying that negotiations between the two sides were going "very well".
The South China Morning Post, citing a person familiar with the matter, reported that Trump plans to meet Chinese Vice President Wang Qishan on the sidelines of the World Economic Forum in Switzerland, held on January 22 to 25.
They also want China to abandon its "Made in China 2025" plan, with its ambition of giving China global leadership in a range of key technologies.
Economic data show the Chinese economy has suffered since Trump past year slapped stinging tariffs on more than US$250 billion in Chinese imports. China has retaliated with tariffs of its own.
A Chinese government spokesman has urged the U.S.to create good conditions for reaching agreement in trade talks after Beijing complained over the sighting of a USA warship in what it said were Chinese waters. Beijing responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses. Back then, the two leaders announced a 90-day truce on new tariffs, which is set to expire on March 1.
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Adding to the worries, China's stock market became the world's worst performer a year ago, ending with a loss of 28 percent.
Xiang Songzuo, an economist at China's Renmin University, delivered a speech on December 16, 2018, in which he cited reports concluding that China's GDP growth was very low, or even shrinking.
He declined to reveal further information as the talks were underway. But it's resisting US demands for tougher action on technology transfers, and less state support for strategic industries like robotics and computer chips. President Xi Jinping responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.
The sell-off dropped Apple to fourth place in terms of U.S. companies by market capitalization.
These two nations had been locked in a tariff war for much of the 2018, inflicting agonizing wounds and disrupting the flow of hundreds of billions of dollars, while both of the countries had suffered awful, alongside the global economy.
Chinese exports to the US held up through late 2018 despite Mr. Trump's tariffs.
The two sides are expected to discuss a series of technical issues, including non-tariff barriers, intellectual property and agriculture and industrial purchases.
American companies like Apple and FedEx have already attributed lowered revenue estimates to the trade war with China.