Trump Admits No Trade Deal With China Likely Until After 2020

Trump Admits No Trade Deal With China Likely Until After 2020

USA delegates including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are set to attend a dinner at the Fairmont Peace Hotel on Tuesday (July 30) evening, according to people familiar with the matter.

China on Monday said any reform in the world trade body should be "negotiated by all members rather than one country", rebuffing a Friday memo by the USA that asked the World Trade Organization (WTO) to reconsider the "developing country" status of several countries, including China.

Vice Premier Liu He will likely lead the talks for China again, with the addition of Chinese Commerce Minister Zhong Shan, seen as a tougher negotiator.

China has shipped 1.62 million tonnes of previously purchased USA soybeans since the Osaka meeting, less than the several millions tonnes state media said had been shipped on Sunday.

Xinhua added that the USA government's "latest hegemonic attempt" to coerce the WTO "is destined to hit a wall of opposition".

The memo came ahead of meetings in Shanghai on Tuesday and Wednesday between USA and Chinese negotiators aiming to resolve a trade dispute that has led to tariffs on more than $360 billion worth of two-way trade involving the world's two largest economies.

The US President considered China - with which the country is in the midst of a long-lasting trade war - as "most dramatically" illustrating this point.

President Trump was ambivalent about this week's trade talks with China, saying "I don't know if they're going to make a deal", even as China hinted at goodwill purchases of USA farm exports.

Nations claiming "developing-country status" at the WTO enjoy certain privileges such as "longer transition periods before they are required to fully implement the agreement and receiving "technical assistance", according to the body's official website".

The White House considered that while some developing-country designations are proper, many were "patently unsupportable" in light of current economic circumstances and that this developing country status has allowed some WTO Members to gain unfair advantages in the worldwide trade arena.

Shipments of US soybeans, the most valuable USA agricultural export, to top importer China have plunged since Beijing slapped a 25-percent tariff on American shipments more than a year ago.

"The WTO is BROKEN when the world's RICHEST countries claim to be developing countries to avoid WTO rules and get special treatment". "Chinese side sees the purchase as showing goodwill to the United States side".

Trump has repeatedly accused China of taking advantage of the United States.

China has the world's second-largest economy with a GDP of $13.6 trillion, second only to the USA figure of $20.5 trillion, according to the most recent figures published by the World Bank.

A small amount of USA pork has been sold.

The Trump administration's demand "further exposed its wayward arrogance and selfishness", Chinese foreign ministry spokeswoman Hua Chunying said at a regular briefing Monday.

There was no sign of the rhetoric letting up either, with the China Daily newspaper's Tuesday editorial saying "the United States should give its go-to tactic of maximum pressure a couple of days off as it has proven ineffective against China".



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