Trump on Trade: 'China Wants to Make a Deal'

"If there is a deal - if and when there is a deal, it will be on President Donald J. Trump's terms".

The relationship between the two countries has deteriorated in recent months, and U.S. Vice President Mike Pence on Tuesday said China needed to change its behaviour to avoid a new cold war with the United States. That could entail China dropping some of its retaliatory measures and the USA agreeing not to go ahead with the planned January increase in tariffs on more than 6,000 product categories.

"It's a pretty complete list, a lot of the things we asked for, but there are four or five things left off", said Trump, adding "we'll probably get them, too".

The fierce rebuke followed Navarro's appearance at Washington, D.C.'s Center for Strategic and International Studies last Friday, where the economist warned that any trade deal between the United States and China would not rely on Wall Street or any meddling by "globalist elites".

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Trump has imposed tariffs on US$250 billion of Chinese imports to force concessions from Beijing on the list of demands that would change the terms of trade between the two countries. "China would like to make a deal".

Commerce Secretary Wilbur Ross told Bloomberg on Thursday that Trump and Xi at best would come up with a "framework" deal at the G-20.

The president's comments signal the large gap that still remains between the two sides.

Despite the tensions, neither official is expected to leave the administration soon, said the source, who declined to be named. "He was freelancing and he's not representing the president or the administration". As a result, administration officials have said they would insist on demonstrable and tangible actions by Beijing before engaging in any talks.

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This picture taken on November 6 shows a Chinese and US flag at a booth during the first China International Import Expo (CIIE) in Shanghai. We have to have reciprocal trade.

"I actually think he did the president a great disservice", Kudlow said.

"It's hard for me to imagine that they can in one or two meetings and in a day solve all of the things that they have put on the table", Reinsch said.

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