White House's Kudlow says US-China talks making progress, could extend

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"We are rounding the turn".

The president's focus on securing huge new Chinese orders for American soybeans, aircraft and other products is expected to produce political gains in export-dependent states. While no announcement of a summit between Trump and China's President Xi Jinping was announced, the message was still one of optimism.

Trump refers to the enormous expenditures regarding the United States, Russia, and China in weapons, and pointed out Russia and China might invest extra in peace than in arms. The agreement is said to entail a Chinese obligation to buy a specific volume of USA goods that would be enough to narrow the trade deficit and enact measures that would open up Chinese markets to foreign businesses, while also ending forced technology transfers to Chinese companies.

"And I would think with, oh, within the next four weeks or maybe less, maybe more, whatever it takes, something very monumental could be announced", he said.

Negotiators from both the countries had met in Beijing last week to resolve the nine-month-long trade war.

This could perversely serve to give Chinese state enterprises a greater market role while making U.S. exporters more reliant on the Chinese government's purchasing decisions - both possibly contrary to USA objectives and interests.

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Boone warned tensions between the US and China would most likely continue well beyond an expected trade deal over the coming weeks. "But these issues are all at the implementation level". Hopefully, it will end this month with a deal that addresses the legitimate concerns of both sides.

To date, Trump's vision for how the trade war would play out has been much more accurate than his critics', and by all accounts, Chinese negotiators are moving significantly closer to the USA position in negotiations. European futures were little changed.

The current round of talks is scheduled to last through Friday and possibly longer. Next week, negotiators will "be in touch" by phone, Kudlow said in an interview on Bloomberg TV.

"The greatest threat to the economic outlook remains the trade war between the U.S. and China".

Scissors, and others who see China as a United States adversary, worry the trade bargain may carry unintended consequences.

A final sticking point appears to be when and how Washington will agree to lift the steep tariffs it has placed on more than $250 billion in Chinese imports.

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Tariffs on imports from China and other countries reduced "US real income of US$1.4b per month" and had a similar effect on countries that had retaliated against the United States, according to a study by economists David Weinstein of Columbia University, Mary Amiti of the Federal Reserve Bank of NY and Princeton University's Stephen J. Redding. Trump had said as far back as February that a summit could occur within a month.

It is unclear what differences on the issue remain.

Drafts of an agreement would give Beijing until 2025 to meet commitments on commodity purchases and allow American companies to wholly own enterprises in the Asian nation, according to people familiar with the talks.

Trump also flagged that if issues were not resolved, it would be hard to let China keep trading with the US.

While that echoed Mr Trump's comments, US Trade Representative Robert Lighthizer sounded more cautious.

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