Trump Says Trade War Deal Must Involve 'Real, Structural Change'

US-China trade war a boon for Europe, UN study says

China's Liu, during last week's talks with Trump, promised further Chinese purchases of soybeans.

U.S. Treasury Secretary Steven Mnuchin speaks to the media at the White House in Washington, U.S., February 6, 2019. He did not rule one out, though.

"If there are remaining issues that we can't get closed, I think President Trump expects that he's going to sit down with President Xi and address those issues", Mnuchin said.

But the UNCTAD study also warns that the spat could hit East Asian producers the hardest, with a projected $160 billion contraction in the region's exports unless discussions between China and the U.S. are resolved before the March deadline.

A United States official told CNN that talks last week went well and the Trump administration is trying to keep the momentum going as the 90-day clock winds down, even as top officials have acknowledged they still remain far apart on key issues.

Countries that are expected to benefit the most from US-China tensions are those which are more competitive and have the economic capacity to replace US and Chinese firms.

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Mnuchin said the USA economy was "still very strong".

In the speech, Mr Trump also took a swipe at the trade policies of previous administrations.

'These are very complicated issues.

"We are also very focused on free and fair trade for USA companies to have access there and to having a more level playing field which will bring down the trade deficit", Mnuchin said, though he said there is still have much to do to reach an agreement.

Dow Jones had reported that the talks next week would be led by Mr Mnuchin and US Trade Representative Robert Lighthizer. The trip will put Trump in the region just before the critical March deadline.

"We are now making it clear to China that after years of targeting our industries and stealing our intellectual property, the theft of American jobs and wealth has come to an end", Mr Trump said.

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"Our Treasury is receiving billions of dollars a month from a country that never gave us a dime", Trump said.

But it also illustrates how tariffs may do little to fulfill another of Trump's stated goals: reducing the USA trade deficit. And he suggested last week that he plans to go back.

He cited new tariffs he has imposed on $250 billion in Chinese goods to counter its unfair trade practices, and said negotiations continue "to reform our trade relationship".

'We have a thing called the telephone and other means of talking.

"We're making progress, but there's still a lot of work to do", Mnuchin told reporters at the White House on Wednesday, confirming United States plans to continue talks.

Portman told Bloomberg Television that he and Senate co-sponsors including Alabama Democrat Doug Jones, Iowa Republican Joni Ernst, and California Democrat Dianne Feinstein were eager to limit the president's powers "so it's truly for instances of genuine national security". He works very hard.

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Mnuchin told CNBC US and Chinese officials are working "around the clock" but there remains "a lot of work left to do", and he stressed that any agreement must be enforceable. Right now the intent is that we meet this deadline.

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