"I think we'll probably be able to work it out".
After weeks of broad optimism - and White House claims - that the economic superpowers were close to a partial agreement, the president said Tuesday that he could be happy to wait until after next year's vote.
The United States has imposed tariffs on Chinese goods in a 17-month long dispute over trade practices that the U.S. government says are unfair. Gold prices were pressurized after reports stated that the trade negotiations between U.S. & China were going well.
US Trade Representative Robert Lighthizer said the tax generally hits US companies that dominate a market sector but doesn't affect similar services provided by leading French companies, The Wall Street Journal reported.
Chinese negotiators are hoping to avoid the wrath of more tariffs on December 15, when the U.S.is expected to raise levies on about $156 billion of Chinese goods.
Asian and European markets mostly rose today on renewed hopes for the China-US trade talks after a report said a deal could be finalised by the end of next week.
She did not elaborate on what the measures might be.
Another Chinese official said it may take a very long time for Washington and Beijing to reach a deal if they can not find a way to strike while "the iron is hot".
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"Our democracy is what is at stake, the president leaves us no choice but to act", the top elected Democrat said. To make matters worse, Trump also said that a deal with China would only happen if he wanted it to.
Ultimately, it is clear how such widespread tariffs between the United States and China can damage not only individuals and businesses, but also eat away at the global economy, causing manufacturing to slow down, transport to decrease, and hinder consumer buying.
Dimming hopes of a deal further, U.S. Commerce Secretary Wilbur Ross rejected any deadlines on a trade deal with Beijing and launched a fresh attack on telecoms giant Huawei.
"All of these things are affecting the Trump administration's credibility, but both sides have credibility problems", said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington.
USA shares were set to drift higher with Dow futures adding 0.3% and S&P 500 futures up 0.2%. However, she did not say whether the department supported the bill itself.
For its part, China reiterated a call for existing tariffs to be lowered if the crucial talks between Beijing and Washington were to continue. Beijing said on Monday it banned USA military ships and aircraft from visiting the island and sanctioned several US -based non-government organizations.
Meanwhile, Chinese officials told the Global Times, a news outlet with ties to the Communist Party, that the government is prepared for "even the worst-case scenario".