Trade Representative Robert Lighthizer is the top US official in the ongoing trade discussions, while Vice Premier Liu He is China's top representative. In the meantime we are doing well in various Trade Negotiations now going on. Instead of seeing this as a healthy sign that USA consumers are flush enough to purchase goods from the country, Trump looked at the figures as though they were on the scoreboard at a stadium and took them to be a sign that the US was losing to China in some sort of contest.
A team led by Deputy US Trade Representative Jeffrey Gerrish will come to China to have "positive and constructive discussions" with Chinese counterparts, China's commerce ministry said in a statement on its website.
US Trade Representative Robert Lighthizer is expected to meet Chinese Vice-Premier Liu He, President Xi's top economic adviser, later this month, a source said.
The U.S. and Chinese governments both have expressed interest in a trade settlement but give no indication their stances have shifted. In practice, it raises the price that USA consumers will pay for certain goods.
Stock markets across the globe dropped Thursday after tech giant Apple said sales of its devices had fallen sharply in China last month, perhaps signaling a broader slowing in the world economy.
The U.S. economy, the world's biggest, is expected to slow from a very robust 2018 but should remain strong until about mid-2020 when economists polled by Reuters expect it to settle at 1.8 percent. The longer their trade war lasts, the longer companies and consumers will feel the pain of higher-priced imports and exports.
China's economy has been decelerating since the government pulled back on bank lending a year ago to try to curb a run-up in debt. That news that helped boost global markets.
"One problem for the U.S. is that many of its large export markets are not growing as quickly", the HSBC analysts said.
White House economic adviser Kevin Hassett said Thursday that "it's not going to be just Apple" that faces revenue shortfalls as a result of the trade tensions initiated by President Donald Trump between the United States and China.
But the impact of China is enormous. "China wants the trade war to end, and they are offering signs of that", said a United States source familiar with the discussions.
The U.S. manufacturing sector has begun to slow, and the Institute of Supply Management's survey of corporate purchasing managers on Monday showed the largest monthly decline since the depths of the recession in December 2008.
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