US, China, Russia Should Invest in Peace Instead of Spending on Weapons

US, China, Russia Should Invest in Peace Instead of Spending on Weapons

Xi also said that the healthy and stable development of China-US relations needs, in particular, their strategic leadership, and that he is ready to maintain close contact with Trump.

Shares are mostly higher in Asia after President Donald Trump and a senior Chinese envoy said trade talks in Washington were making progress.

President Donald Trump said Thursday that the US and China are "rounding the turn" in a lengthy negotiation over trade and predicted that "something monumental" for both countries could be announced in a matter of weeks. Trump has said he wants a "great deal" with China and has hinted that tariffs could remain in place for some time.

Both US and Chinese officials have projected cautious optimism for months but momentum has slowed as the two sides tussle over whether and when Washington should remove the punishing tariffs it imposed past year on Chinese goods.

Goods trade between the US and China, the world's two largest economies, totaled $660bn a year ago, according to US Census Bureau data, consisting of imports of $540bn from China and $120bn in exports to China.

"We have a ways to go", Mr. Trump told the media, adding: "We are rounding the turn". Beijing has made some big offers in this area, such as a pledge to reduce the deficit to zero by 2024 - close to the end of a potential Trump second term.

Despite strained ties between the two countries amid a lengthy trade war, the USA president told a fundraising dinner in Washington, D.C. on Tuesday that he stroked Xi's ego by calling him a monarch.

Beijing hopes that Washington can get rid of existing US duties on Chinese imports, according to the Financial Times.

The damaging trade war has cast a shadow over global trade and is contributing to a slowdown in the world economy, which has recently spooked financial markets.

Washington and Beijing since past year have imposed tariffs on more than $360 billion in two-way trade, biting into their manufacturing sectors as the world economy slows.

The United States and China have levied tariffs on hundreds of billions of dollars' worth of two-way trade since July 2018.

The two nations reached a "new consensus" on important issues, particularly the text of the economic and trade agreement during their two days of talks, and will complete negotiations for an agreement as soon as possible, Vice-Premier Liu He said. A meeting date between Trump and Xi could be announced as early as Thursday, people familiar with the plans said.

But the U.S. has indicated it will keep them in place until it's certain China will comply.

Kudlow also said no decisions had been made on tariffs on auto imports coming from top U.S. allies.

While there seems to be progress made in US-China trade negotiations, they've yet reached a concluding stage.

Unprecedented proposals have been made by China on a wide range of issues with the USA in their trade talks.

"We've had almost two decades of broken promises from China".

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