Ahead of renewed talks, United States and China prepare terms of trade deal

Shipping containers to be imported to China

The purchases were another indication that trade tensions between Washington and Beijing could be easing, after hitting a low last month when China suspended all US farm product purchases in response to threats by President Donald Trump to impose more tariffs on Chinese goods.

When talking about the vacant security advisor position after firing John Bolton, Trump cleared the rumours of having Mike Pompeo taking the role, and said there were "15 candidates" that were being considered. And on October 15, Trump plans to implement 30% tariffs on the $250 billion in Chinese goods now being tariffed at the 25% rate.

"If we can get the right deal, we'll do a deal". Mid-level teams will meet soon to prepare for higher level talks, he said, reiterating that both sides are communicating without giving a date for the meeting between the top negotiators. "I hope we can do something".

At each G20 Summit, Trump has agreed to stop imposing additional tariffs on China, only to renege on such promises and announce additional tariffs weeks later. USA stocks, highly sensitive to the ups and downs of the negotiations, rose in early trading before giving up most of the gains by late morning.

Tensions escalated in recent months and Washington said it would target all Chinese imports to the United States with new duties by the end of the year.

"Chinese companies have started making enquiries on the procurement of U.S. agricultural products", Chinese commerce ministry spokesman Gao Feng told a regular briefing Thursday.

"There have been so many ups and downs in the talks that it is hard to predict whether the new conciliatory actions will lead to a deal", said DeBusk, a former Commerce Department trade official. Moody's Analytics estimates that Trump's tariff policy has already cost the US economy 300,000 jobs and could rise to 450,000 jobs later this year once the full effect of the additional tariffs kick in. "An exemption list of just 16 items will not change China's stance", she said.

Not even the dire warnings of former US Treasury Secretary Lawrence Summers, and US Federal Reserve Chairman Jerome Powell - that the US trade war is a "grave mistake" - have deterred President Donald Trump from his present course. China wants the U.S.to remove all extra tariffs, and the USA has long sought concessions on intellectual property and state-subsidies for industry that Beijing has been unwilling to give.

The $6.8 billion businesses paid in July only reflects the tariff rate increase from 10% to 25% that occurred on May 10 on $250 billion in imports from China.

China has raised duties on about $120 billion of USA products.

Trump said earlier in the week that the trade dispute has put significant economic pressure on China, with many companies shifting its production out of the country.

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