President Donald Trump said Thursday that the U.S. and China are 'rounding the turn' in a lengthy negotiation over trade and predicted that 'something monumental' for both countries could be announced in a matter of weeks. 'We have a ways to go but not very far,' Trump
WASHINGTON -- President Donald Trump said Thursday that the U.S. and China are"rounding the turn" in a lengthy negotiation over trade and predicted that"something monumental" for both countries could be announced in a matter of weeks.
China and the U.S. are working to end a standoff that has shaken financial markets and darkened the outlook for the world economy. The two countries have made considerable progress on the issues that divide them. China, for example, last month passed a law that loosens restrictions on foreign investment and aims to prevent Chinese officials from forcing foreign firms to hand over technology. Beijing is also expected to agree to sharply increase purchases of U.S. goods, putting a dent in America's massive trade deficit with China, which came to a record $379 billion last year.
"The optimism about prospects for a looming deal has run into the reality that a gulf still exists between the two sides on a range of key issues," said Eswar Prasad, a Cornell University economist and former head of the International Monetary Fund's China division.
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