Trump on China: 'Can't have trade that's meant for stupid people'

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Chinese stocks ended firmer Thursday following the commerce ministry's statement.

Trade talks between the world's two largest economies have deadlocked for the past few months.

The US President kicked off the trade war in June by slapping additional tariffs on billions of dollars of Chinese exports, piling up pressure on China to reduce over $335 billion trade deficit in $710.4 billion bilateral trade. "Impossible", he said, according to Bloomberg.

More bilateral contacts emerged in the following weeks.

A similar statement was issued by the White House Director of the National Economic Council Larry Kudlow, who told CNBC on November 13 that the US and China have resumed contact at all levels over trade.

Trump and Xi spoke by telephone earlier this month and were set to meet at the G20 summit to be held in Buenos Aires at the end of this month and beginning of next. "Not Wall Street terms", said Navarro.

However, the US President isn't expected to make a decision until after he talks to Xi in Argentina.

"China respects U.S. sovereignty, security, and development interests", she told a daily news briefing in Beijing.

Some Chinese scholars said agriculture and energy may be where the two leaders can find consensus.

However, some say Mr Trump may be willing to accept less substantive change, as he has in other trade disputes, such as the revision of the North American Free Trade Agreement (Nafta).

"China wants to make a deal". After his death in 1976, successor Deng Xiaoping opened the country's market and helped begin China's decades-long rise as an economic superpower.

China has sent to the United States a list of 142 items which they are willing to negotiate.

The two countries resumed talks after the call between the two leaders, ending a three month hiatus that saw relations deteriorate as the United States accused China of interfering in U.S. domestic politics and seeking to undermine Trump. That has led to a series of failed deals proposed by Chinese investors since previous year. "They are not capable of it", said Derek Scissors, a China expert at the American Enterprise Institute, who said the two men lacked experience in hard trade negotiations.

Both sides have resumed efforts to normalize their economic relationship.

"They are not close to a favourable deal on trade". Chinese manufacturers' business confidence dipped to an 11-month low in Caixin's October survey.

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