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Trump says to 'stay tuned' as trade negotiations continue between US, China

Trump says to 'stay tuned' as trade negotiations continue between US, China

Trump stunned congressional Republicans and Democrats when he tweeted that he has talked to President Xi Jinping of China and that he had ordered the Commerce Department to get Chinese phone-maker ZTE "back into business, fast". US shares were set to drift slightly lower, with Dow futures down 0.4 percent and S&P 500 futures 0.3 percent lower. -China trade disputes, as well as how the two countries look at the role of government in the economy.

Liu's trip to Washington follows a visit by Mnuchin and other US officials to Beijing earlier this month, where they conveyed a demand that China slash its trade surplus with the U.S.by $200 billion by the end of 2020.

Meanwhile, the National Retail Federation expressed concern that the two countries' trade dispute would harm the USA economy.

The ZTE case also drives home how entwined the US and Chinese economies are.

As Colbert pointed out, Trump tweeted that the USA and China were still working together on a new deal.

The U.S. Commerce Department last month blocked ZTE from importing American components for seven years.

The ban left ZTE's production in trouble, with the company saying this month that it had stopped its main operations as a result.

After accusing the Chinese of raping our economy and currency manipulation, Trump sure did a big about face as he now directs Commerce Secretary Wilbur Ross to save all those ZTE jobs post haste.

ZTE is known to rely on importing chips from U.S. firms such as Qualcomm and Intel for up to a third of its components. By cutting off access to USA suppliers of essential components such as microchips, the ban threatens ZTE's existence, the company has said.

ZTE reached a settlement in March 2017 for violating US export laws and paid penalties totaling $1.19 billion.

The timing of the NAFTA negotiations is tight: House Speaker Paul Ryan has said Congress must have an agreement by Thursday to have any hope of approving it this year.

Many economists believe reducing the US-China bilateral deficit by US$200 billion in the space of two years, Trump's stated aim is unrealistic. This notion is behind Beijing's industrial policy, known as "Made in China 2025". The Chinese government has strongly condemned and firmly opposed the unfounded investigation and the proposed tariffs against Chinese products.

He added that US President Donald Trump would like to see a "dramatic increase" in food exports to China.

But China on Monday welcomed Trump's recent comments.

"It was basically going to put them out of business", Dollar said. If that's the case, the Trump administration "just got blackmailed", according to Derek Scissors, resident scholar at the American Enterprise Institute.

Milacron, in comments filed with the USA government ahead of a May 15 hearing on the tariffs, opposed some of them and favored others.

Now, Trump wants to make ZTE great again.

"The U.S. still needs China", he says. Too many jobs in China lost.

"China's utilisation of intelligence services and nontraditional collectors to advance their national development continues to place our national security at risk".

He notes that China has so far been comfortable with importing large quantities of food, energy and other commodities, because buying them on global markets is less costly than self-sufficiency.

European and other non-Chinese competitors will still be able to buy Chinese-made components without the 25 percent tariff the Trump administration wants to put in place, and be able to export their machines to the USA more competitively, Milacron said.

Hu says some members of China's liberal minority worry that the country's security fears "could cause it to close itself off, over-emphasize self-sufficiency or even revert to the era of Chairman Mao".

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