Trump quashes hopes of early resolution to US-China trade dispute

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"The trade war started with tariffs, and should end with the cancellation of tariffs", Gao told a regular news briefing.

President Donald Trump and Chinese President Xi Jinping were initially set to meet during the two-day Asia-Pacific Economic Cooperation summit starting November 16, bit the summit was canceled in late October due to protests in Chile following a proposed hike in the country's public transportation fares.

"They'd like to have a rollback. not a complete rollback because they know I won't do it", he said. "I haven't agreed to anything".

The agreement came during talks aimed at working out details of a "Phase 1" deal that was announced October 12.

US bonds rallied and stocks slipped after the president's remarks reduced some of the optimism that had been increasing around the prospects for a truce.

But Trump's Friday statement echoes trade adviser Peter Navarro's comments the day before on the Fox Business channel.

The Dow Jones Industrial Average was down about 90 points shortly after Trump's remarks, casting doubts over the level of consensus between the us and China.

But even if a US-China trade deal is signed soon, economists say it is unlikely to help boost exports and manufacturing for some time yet and could still mean more stimulus is needed from Beijing to avert a sharper downturn.

President Donald Trump agreed to postpone a planned tariff hike while lower-level officials hammered out details.

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"I can not get ahead of the talks with China, but we are very, very optimistic that we will reach a deal soon", she said. "I'm very happy right now, we're taking in billions of dollars".

Overall, the global surplus was $42.81 billion.

Before departing the White House for Atlanta, Trump told reporters he would like to sign the deal in the United States.

Since then, the United States has begun considering rolling back tariffs put in place September 1 on more than $100 billion of Chinese food, clothing, lawn mowers and other products, according to people briefed on the discussions.

In what could be another gesture to boost optimism, China's state news agency Xinhua reported late yesterday that the Chinese customs and Ministry of Agriculture are considering removing restrictions on U.S. poultry imports.

The duties have hurt trade, acting as a drag on the economies of both countries and putting pressure on their leaders to strike an agreement.

If the deal pans out, "it will be an emphatic upside surprise for the global economy", said Vishnu Varathan of Mizuho Bank in a report. They have responded by cutting their investment spending in new plants and equipment. The lobbying group Tariffs Hurt the Heartland released a report this week that found United States consumers and businesses have paid an additional $38 billion in tariffs between February 2018 and September 2019 as a result of the trade war.

A meeting between US and Chinese leaders to sign a first-phase trade deal could be delayed until December, after talks originally scheduled to take place in mid-November on the sidelines of a Chile summit were cancelled.