China made no progress in deputy-level trade talks: Chinese state newspaper

White House trade adviser Peter Navarro speaks during a television interview at the White House Tuesday Oct. 8 2019 in Washington

China is facing their hardest time in decades in maintaining the economy and badly wants to have a trade deal with the United States, President Donald Trump has said, ahead of the next round of trade negotiations between the two giant economies.

It was initially reported that Trump would meet with Chinese officials on Friday if today's high-level talks go well.

But the atmosphere for the high-stakes parley was shifting rapidly. "The Chinese side came with great sincerity, willing to cooperate with the US on the trade balance, market access and investor protection", Xinhua quoted Liu as saying on Thursday.

Still, there was no hiding the sharp deterioration in relations this week.

The New York Times reported that the USA is considering making concessions to China including issuing licences to U.S. companies allowing them to supply non-sensitive components to Chinese telecoms giant Huawei.

Livelihoods around the world are at stake as economies get squeezed by slowing global trade volumes, supply chain disruptions and mounting uncertainty among businesses as to how to best position themselves for a breakthrough - or no breakthrough - in the US-China trade war.

"Big day of negotations with China. I meet with the Vice Premier tomorrow at The White House". A day later, the U.S. State Department imposed visa restrictions on Chinese officials related to the Xinjiang issue.

He said the value of the USA, since he was elected, has increased by trillions of dollars.

But Trump's attitude toward the process is subject to sudden change, given the churning pressures competing for his attention.

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These include a commitment by China to increase imports of USA farm products.

That would make almost all Chinese goods imports into the United States - more than $500 billion - subject to tariffs.

President Trump has an important trade meeting scheduled for Friday.

"But China wants to make a deal very badly".

"In my opinion China wants to make a deal more than I do", Trump added.

Chinese firms have bought more than 3.5 million tonnes of USA soybeans since the beginning of September. In public statements, the president has regularly shifted between a willingness to reach a deal with China and the possibility of a prolonged dispute.

Steady escalations of the tit-for-tat tariffs on Chinese and US goods have roiled financial markets and stoked fears of a global recession.

China has gone down many trillions of dollars and we've gone up many trillions of dollars, he said.

"I think neither side will admit it but I think they're both under pressure to find a way to forestall the next set of tariff increases", she said.

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