President Donald Trump struck an optimistic tone on the trade talks with China on Friday as the two countries try to end a 15-month-long trade war that is taking a toll on the global economy.
“Good things are happening at China Trade Talk Meeting,” Trump said in a tweet. “Warmer feelings than in recent past, more like the Old Days. I will be meeting with the Vice Premier today. All would like to see something significant happen!”
Good things are happening at China Trade Talk Meeting. Warmer feelings than in recent past, more like the Old Days. I will be meeting with the Vice Premier today. All would like to see something significant happen!
— Donald J. Trump (@realDonaldTrump) October 11, 2019
Stocks hit their session highs following his tweet.
Trump’s meeting with Chinese Vice Premier Liu He is scheduled for 2:45 p.m. ET. The face-to-face meeting with the head of the Chinese trade delegation is also seen as a positive sign.
Trade negotiators from the U.S. and China resumed their second day of negotiations in Washington on Friday. This week’s talks mark the first senior-level in-person negotiations since late July.
The discussions come only days before a Tuesday deadline when the U.S. plans to hike tariffs on at least $250 billion in Chinese goods to 30% from 25%.
Trump also said Friday a trade deal between the U.S. and China doesn’t require approval from the Congress, making a possible deal “fast and clean.”
One of the great things about the China Deal is the fact that, for various reasons, we do not have to go through the very long and politically complex Congressional Approval Process. When the deal is fully negotiated, I sign it myself on behalf of our Country. Fast and Clean!
— Donald J. Trump (@realDonaldTrump) October 11, 2019
The two countries could agree to a partial agreement on issues such as currency and agriculture buying, leaving more controversial issues, such as protections against Chinese theft of U.S. intellectual property, for later negotiations. Multiple reports suggest a delay in the tariff hike could also be agreed upon.
A state-run Chinese newspaper said in an editorial Friday that “a partial deal is a more feasible objective.” China also set a clear a timetable for opening its finance industries, adding to a slew of positive developments overnight.
