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US, China Discussing Deal on ZTE, Agricultural Tariffs

15 May 2018

Referring to Liu's visit, Lu said China was willing to work with the U.S.to "strive for positive and constructive outcomes from the next round of economic and trade discussions".

The U.S. -China Business Council (USCBC), which represents 200 American companies that are engaged in business with China, also urged the Trump administration to reconsider its tariff plan. It would reduce US gross domestic product by almost 3 billion dollars and destroy 134,000 American jobs annually, according to a new study recently released by the federation and the Consumer Technology Association.

China is likely to offer increasing its purchase of aircraft, autos, natural gas and some agricultural commodities, Dan Ikenson, director of the Cato Institute's Herbert A. Stiefel Center for Trade Policy Studies, told FOX Business. "He has my support", Kudlow said, adding that no agreement had been reached yet.

Ikenson said the administration's focus on the $200 billion was "silly", adding that if the USA accepts China's offer to import more goods, Trump can "claim mission accomplished and turn the page". China, for its part, has stated that it is willing to buy more American goods and services to help reduce the trade deficit.

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Liu's trip to Washington follows a visit by Mnuchin and other USA officials to Beijing earlier this month, where they conveyed a demand that China slash its trade surplus with the U.S.by $200 billion by the end of 2020.

But the U.S. says the Chinese firm breached that agreement, resulting in the current ban, which came as tensions increased between the USA and China on trade.

"The United States and China are the two biggest economies in the world".

In retaliation, China announced its decision to impose 25 per cent tariffs on a total of 106 goods imported from the US.

Trump seeks to save Chinese jobs at ZTE ahead of trade talks
U.S. officials imposed the ban last month, saying ZTE failed to abide by an agreement to stop selling to Iran and North Korea. The firm is the second-largest telecom equipment firm in China and pulled in nearly $17 billion in revenue past year .

When US President Donald Trump talks about saving jobs, it is usually American jobs he is making promises about.

As part of this, they also entered into an agreement with the USA government.

ZTE is known to rely on importing chips from United States firms such as Qualcomm and Intel for up to a third of its components. "Stay tuned!" Trump tweeted on Tuesday.

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But Democratic lawmaker Adam Schiff cautioned against being too soft on the company, saying on Twitter: "Our intelligence agencies have warned that ZTE technology and phones pose a major cyber security threat".

US, China Discussing Deal on ZTE, Agricultural Tariffs