Xi to hold trade talks on Saturday morning in Osaka: White House

Xi to hold trade talks on Saturday morning in Osaka: White House

Xi to hold trade talks on Saturday morning in Osaka: White House

There are no preconditions set ahead of any trade talks with China, White House economic adviser Larry Kudlow said on Thursday ahead of U.S. President Donald Trump's meeting with Chinese President Xi Jinping this weekend.

In a commentary on Thursday, the ruling Communist Party's People's Daily said a USA attempt to win a "quick and easy" trade war had proven to be futile and the Chinese people must not be fearful.

An alternate course as the trade talks resume may be that U.S. suspends the next round of tariffs on the additional US$300 billion of Chinese imports, Bloomberg reported on Tuesday.

Gao added that during a phone call to Trump last week, Xi expressed hope that the USA would fairly treat Chinese firms.

If the tariffs on the broader set of goods do go into effect, it could be at a 10 per cent rate rather than 25 per cent, Trump said in the television interview on Wednesday.

"You have another $325 billion that I haven't taxed yet - it's ripe for taxing, for putting tariffs on", he said in his interview. He says the new tariffs might start at 10%. "We'll see what happens with China, with Russian Federation, with Japan, with many countries". "They have worse trade barriers than China", Trump said.

Trump has already ordered tariffs on some $200 billion in Chinese goods.

China's commerce ministry said earlier on Thursday that the United States should immediately lift sanctions on Huawei, days before Trump and Xi are due to meet on Saturday at a G-20 summit in Osaka, Japan.

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Vietnam said earlier this month it will impose higher penalties on Chinese goods transferred to the country and illegally relabeled as made-in-Vietnam for export to the U.S.

Gao noted that Xi told Trump during a phone call last week - a gesture that rekindled hopes of a deal - that he hoped the United States could treat Chinese firms fairly.

Beijing is insisting that the US remove its ban on the sale of USA technology to Chinese telecommunications giant Huawei Technologies Co Ltd, the Journal said, citing Chinese officials with knowledge of the plan.

In addition, the sources claimed, the USA should rescind duties on Chinese goods and abandon attempts to force Beijing to buy more American products than it promised at a meeting of the two leaders in December 2018.

The United States has put Huawei on an export blacklist, citing national security issues, barring U.S. suppliers from selling to the world's largest maker of telecoms equipment and its No.2 maker of smartphones, without special approval.

Gasoline futures fell as much as 1.9% as it became clear suppliers from the U.S. Gulf Coast and Europe would be able to fill the gap for the closure of the biggest refinery on the U.S. East Coast.

Asked whether he was planning to impose tariffs on Vietnamese products, the president said his administration was "in discussions" with Vietnam.

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