China offer unlikely to spur trade breakthrough

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The European Union is preparing a target list of American products it will hit with punitive tariffs if the Trump administration goes through with its threat to impose tariffs on European auto imports, the bloc's trade chief said Wednesday.

Many American manufacturers, farmers and lawmakers from both sides of the aisle say they appreciate the administration's efforts to change China's economic policies. "Rather, we want to ensure that China acts responsibly and fairly in support of security and prosperity in each of our two countries", Pompeo said.

News that Chinese Vice-Premier Liu He might be traveling to Washington ahead of a meeting between Trump and his Chinese counterpart, Xi Jinping, was followed by word that China has provided the White House with a list of offers.

"We may not have to do that", Trump told reporters on Friday. The biggest of, which is levied on Chinese imports worth $200 billion, due to increase to 25 percent in January, in case no agreement is signed before that time. Referring to the remaining US$267 billion worth of Chinese imports that will altogether cover all Chinese goods, the US President has upped the scale of damage to the Chinese market should "a great deal" not be established at the upcoming talks. The tariffs are set to hit 25 percent across the board next year.

Stocks rebounded in another volatile session, as U.S.

With the G20 summit only two weeks away, the official played down expectations of a major breakthrough on substantive issues on trade during talks between Trump and Xi at the gathering of world leaders in Argentina at the end of November. The White House has expressed cautious optimism that the meeting could ease tension.

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The Chinese document was said to include 142 items divided into three categories: issues the Chinese are willing to negotiate for further action, issues they are already working on and issues they consider off limits.

After the phone call earlier this month, Trump said he thought the two could make a deal, but added Washington is prepared to levy more tariffs on Chinese goods if no progress is made.

But they also were an acknowledgment of just how hard securing a deal will be.

The two countries resumed talks after the call between the two leaders, ending a three month hiatus that saw relations deteriorate as the United States accused China of interfering in USA domestic politics and seeking to undermine Trump.

The United States Vice President Mike Pence has warned Beijing to change its behavior in order to avoid a cold war with the US.

China retaliated with tariffs on $110 billion of USA products and is likely to respond with more if the United States goes ahead with the increase at the start of January.

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