Donald Trump: US-China trade deal 'too hard to get done'

  • Donald Trump: US-China trade deal 'too hard to get done'

Donald Trump: US-China trade deal 'too hard to get done'

On May 8, FT's Martin Wolf described America's "draft framework" guiding U.S-China trade talks earlier that week as "an ultimatum" from the Trump "administration (that) is either so foolish that it does not understand (trade) or (is) so arrogant that it does not care".

On Tuesday, Trump said a resolution of the ZTE sanctions would also help USA companies that supply the Chinese firm: ZTE "can pay a big price without necessarily damaging all these American companies ... you're talking about tremendous amounts of money and jobs to American companies". Marco Rubio of Florida tweeted on Tuesday.

Another critic of the deal, Sen.

The Commerce Department last month blocked China's ZTE from importing American components for seven years, accusing it of misleading USA regulators after it last year settled charges of violating sanctions against Iran and North Korea. "We must keep in mind China's long-term strategic approach and their long-term goal of becoming the world's superpower, militarily and economically".

"By shutting them down, we're hurting a lot of American companies, really good American companies", Trump said. The nations didn't provide details of the deal and put no dollar target for reducing the trade imbalance.

China's Commerce Ministry said it welcomed imports of "high-quality and competitive" American products following promises to buy more American farm goods and energy.

Critics of the deal have also complained that it is silent on broader economic issues important to the US, including Chinese acquisition of American technology; the country's plans to subsidize growth of advanced domestic industries such as artificial intelligence and clean energy; and USA companies' access to China's markets.

Trump's about-face on ZTE adds to his allies' concerns.

U.S. Commerce Secretary Wilbur Ross was expected to visit China next week to help finalize an agreement. "This was merely President Xi asking President Trump to look into this, which he's done".

Trump said ZTE may instead face a fine of up to $1.3 billion, new management and a new board of directors, though it was not clear whether he had the legal authority to impose new financial penalties.

U.S. Treasury Secretary Steven Mnuchin told lawmakers that the treatment of ZTE was not "a quid pro quo or anything else" related to trade, and said it would not undermine national security. They called ZTE's sanction violations "serial and pre-meditated".

He said, there needed to be a different structure and citing difficulties such as verifying compliance to any deal. A scheduled Ross appearance early May 23 at a Heritage Foundation trade event in Washington was canceled, organizers said.

Some White House officials blamed poor coordination among the opposing factions on Trump's team for his initial agreement with China, according to several people briefed on the matter.

Trump is seeking to win a major deal with Pyongyang to denuclearize and is eyeing a June 12 summit with North Korean leader Kim Jong Un. In trading on Tuesday, the index dropped 300 points.