U.S. and China close to reaching trade deal

Senior White House economic adviser Larry Kudlow speaks during a briefing at the White House in Washington

The U.S. lawmakers said it was a particular concern that U.S. firms might be contributing to the Xinjiang persecution, given commercial ties to Chinese tech companies that had profited from a surge in security spending there. Trump also delayed plans to impose more tariffs on China last week, scheduled as a motivator to conduct negotiations. They also found the initial cost of Trump's duties to the US economy was in the billions and being borne largely by American consumers.

The United States and China are close to reaching a major trade deal that would see both sides lower some of the tariffs imposed during an often-bitter trade war, a report said Sunday.

US President Donald Trump, the self-proclaimed Tariff Man, is set to become the $100 Billion Man. The greater reliance on Chinese imports likely reflects an acceleration in economic growth past year from Trump's debt-funded tax cuts, which were created to increase spending by consumers and businesses.

"This is kind of the worst-case scenario in terms of consumers", Weinstein said in an interview. But that doesn't mean the trade war ends.

Trump's supporters point to his talks with China and other U.S. trading partners along with the renegotiation of Nafta as efforts that will help reduce the U.S. trade deficit.

But the numbers were still consequential, he insisted.

They called for written responses from Pompeo as to whether the US government monitored the use of USA technology that could be used for surveillance or detention in Xinjiang and information on any US firms providing such technology.

"While it will take time for economic data to stabilise from the current slowdown, policy shifts by central banks and governments, especially in the USA and China, should help support investor confidence for now", said Tai Hui, Asia-Pacific chief market strategist at JPMorgan Asset Management.

For 2018 as a whole, the deficit grew to $621 billion - the highest since 2008, the Commerce Department said Wednesday. Most of those bets are positioned to take advantage of higher USA interest rates.

Trump on Friday asked China to immediately remove all tariffs on United States agriculture, though he didn't indicate if his demand was limited to retaliatory duties or more far-reaching.

The studies are the most authoritative yet to document the negative effect of Trump's tariffs on the USA economy, though others have shown the negative consequences.

The Wall Street Journal in that report Sunday also said that as part of that trade pact, the United States is considering eliminating most if not all of the trade sanctions imposed on Chinese products previous year. In Trump's zero-sum view of trade, a deficit indicates that America is somehow losing or being taken advantage of-you know, in the same way that a grocery store is taking advantage of you by selling you food. Spokespeople for USTR did not immediately respond to a request for comment.

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