President Donald Trump wants to make a trade deal with China President Xi Jingpin during ‘big 20’ countries summit in Argentina at the end of this month, asking key ministers to start working on potential deal conditions, as four sources close to the issue reported.
The trigger for a possible deal with China was the phone call with President Xin on Thursday, anonymous sources told, insisting on internal discussion mode. Trump called that conversation as ‘long and awesome’. He also twitted that the trade deal ‘negotiations are in progress’.
Trump asked key ministers to charge the preparation of a potential deal project in order do signal a cessation in the trade conflict, the sources reported, adding that several departments are involved in the process.
This information caused Hong Kong and Chinese equities to soar while offshore yuan surged 0.3%.
The state informing agency in China Xinhua reported on Friday that Trump said to the Chinese leader that “he can’t wait for the meeting with Xi during the G-20 summit in order to work on several important issues closely”.
If the negotiations with Xi did not influence an ease in trade tensions, the United States would be ready to announce new import tariffs for the rest of Chinese goods in early December.
Actual terms of tariffs implementation taking in count 60-days period of public discussions could match the Chinese New Year by the moon calendar in early February. All of the goods that were not added to the limitations list before, will appear under the tariffs pressure. The total amount of $257 billion would be discussed, according to the last year import data.