China-US Trade Talks Resume

China wants to make a deal

Pence's warning on Saturday contrasted with remarks made by Trump on Friday, when he said he may not impose more tariffs after China sent the United States a list of measures it was willing to take to resolve trade tensions.

"The US has put on tariffs on $250 billion worth of goods and we have another $267 billion to go if we want to".

U.S. companies and farmers have complained of lost business and rising prices for key components as a result of the trade friction and that was a factor in some of the contests in the midterm congressional elections early this month.

A similar statement was issued by the White House Director of the National Economic Council Larry Kudlow, who told CNBC on November 13 that the US and China have resumed contact at all levels over trade.

Trump told reporters Friday that the Chinese response was largely complete but was missing four or five big things.

While the offer is not acceptable yet, he said he was optimistic for an agreement to get "reciprocal" trade. Kudlow told the CNBC that "I think Peter very badly misspoke". Trump suggested China and the USA could actually reach an agreement on the list of 142 entries sent-in by Beijing recently, meaning the bilateral tensions could gradually ease.

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"Some things were left off".

"I actually think he did the president a great disservice", Kudlow said.

Trump is expected to meet Chinese President Xi Jinping on the sidelines of a Group of 20 summit later this month. That would then be followed by months of talks, Ross said. Many analysts remain sceptical about the prospects of a deal that would address the deeper issues raised by the US. China has levied tariffs on USA imports in retaliation.

Others, such as economic adviser Larry Kudlow, want to see reforms but have pressed for a deal to avoid further disruption to trade between the world's two largest economies.

One of the sources briefed on China's response said it reiterated pledges Xi has made in recent speeches, and demanded that the United States lift tariffs, including those set by the Section 232 investigation into steel and aluminium imports. That could entail China dropping some of its retaliatory measures and the USA agreeing not to go ahead with the planned January increase in tariffs on more than 6,000 product categories.

"The US side should also respect China's sovereignty, security, and development interests, and respect the development path chosen by the Chinese people in line with its own national conditions".

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