Xi trade meeting set for Saturday morning in Osaka: White House

China Financial Markets

China Financial Markets

"We hope the USA side could drop its wrong practices, and we can solve the problems through equal dialogue and cooperation", Gao said.

The President's latest remarks added an element of doubt to Treasury Secretary Steven Mnuchin's comment earlier on Wednesday on CNBC that he is hopeful about US-China trade negotiations.

"And, if need be, we may move ahead - we may move ahead on additional tariffs", he added.

"My plan B's maybe my plan A, my plan B is that if we don't make a deal I will tariff, and maybe not at 25 per cent, but maybe at 10 per cent", Mr Trump said in the interview on Wednesday.

"What I say to him is none of your business", Trump told reporters Wednesday. "We'll see what happens with China, with Russian Federation, with Japan, with many countries". "Without speculating or forecasting", Kudlow said from the White House.

China has criticized the US decision to end the sanction waivers and some Chinese refiners may continue to buy Iranian oil amid the US-China trade war and Beijing could simply brush off the US sanctions on Iranian oil.

Trump could also talk with Xi about what to do next with North Korea, as talks have stalled with leader Kim Jong Un's regime.

Those demands include the USA lifting its ban on selling US technology to Huawei and dropping the tariffs already imposed, the Wall Street Journal reported.

US Imposes New Restrictions On Chinese Supercomputer Companies
The restrictions are similar in nature to the recently imposed trade restriction on the Chinese telecommunications giant Huawei . They are also used for weather prediction, modelling ocean currents, in energy technology and for simulating nuclear explosions.

On Thursday, the South China Morning Post said the United States and China had agreed to a tentative truce in their trade dispute, citing sources. USA officials believe that the already imposed tariffs should remain in place even if a trade deal is reached.

The arrival of an Iranian crude cargo at the Jinxi complex, which is ultimately owned and operated by state giant China National Petroleum Corporation (CNPC), suggests that China is resuming Iranian crude oil imports as part of a government policy, according to Bourse & Bazaar.

Beijing is insisting that the USA remove its ban on the sale of US technology to Chinese telecommunications giant Huawei Technologies Co Ltd, the Journal said https://on.wsj.com/2NiB88J, citing Chinese officials with knowledge of the plan.

A meaningful agreement, Ross said, would involve persuading Beijing to curb abusive tech policies, buy more American products, narrow the USA trade deficit with China (a record $381 billion last year) and, "hardest of all", devising ways to make sure Beijing lives up to its commitments.

The United States has put Huawei, the world's largest maker of telecoms equipment and its second biggest maker of smartphones, on an export blacklist, citing national security issues.

Mr Trump criticised a range of trading partners in the interview, including Germany and Vietnam, which he called an "abuser" when responding to a question about companies relocating production from China to that country following US-imposed tariffs.

Bloomberg reported on Tuesday, citing people familiar with the plans, that the U.S. could be willing to pause plans to slap tariffs on an additional $300 billion worth of Chinese products.

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