Trump warns China not to wait on trade deal

Trump took to Twitter to lambast China after his negotiating team arrived in Shanghai

Asian stocks fall as trade worries linger before Fed's rate decision

President Donald Trump lashed out at China for what he said is its unwillingness to buy American agricultural products and said it continues to "rip off" the US, just as the two nations resumed negotiations in Shanghai following a three-month breakup.

Trump tweeted on Tuesday: "The problem with them waiting.is that if & when I win, the deal that they get will be much tougher than what we are negotiating now. or no deal at all".

President Donald Trump lashed out at China on Twitter yesterday saying they were supposed to start buying their agricultural product and that there are no signs that they are doing so.

As U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin landed in the Chinese commercial hub on Tuesday, Trump accused Beijing on Twitter of stalling, and warned of a worse outcome for China if it continued to do so.

The US-China trade anxiety is likely to keep the Chinese proxy, the Aussie dollar, on the edge, limiting the recovery attempts in AUD/USD from six-week lows near 0.6860 region.

Washington and Beijing have so far hit each other with punitive tariffs covering more than US$360 billion in two-way trade in a tense stand-off centred on demands for China to curb the alleged theft of American technology and provide a level playing field to United States companies.

The U.S. seemed to have forgotten that it pledged to "restart negotiations on a basis of equality and mutual respect", instead only hoping to threaten China into make concessions, a tactic which will ultimately fail, it said.

US delegates including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer arrived in Shanghai to begin another round of talks with their Chinese counterparts.

Trump said later Tuesday that he had spoken recently with Chinese President Xi Jinping without elaborating on when or the substance of the discussion.

They "pray that Trump loses and then they'll make a deal with a stiff", he said.

Trump insisted that the trade war is hurting China more than the United States: In the April-June quarter, China's economy grew at the slowest pace in at least 26 years.

A commentary in the Communist Party mouthpiece People's Daily on Wednesday complained that as the talks started, "the drums of some Americans struck again on the side, disturbing the main melody".

At a press briefing in Beijing on Wednesday, a foreign ministry spokeswoman made it clear which side China saw as responsible for the ongoing trade impasse.

"I believe the USA should show more sincerity and good faith when it comes to trade negotiations".

Days before the Shanghai meeting, Trump threatened to pull recognition of China's developing nation status at the World Trade Organization, which Beijing called "arrogance".

Officials on both sides were keeping a low profile throughout their Shanghai trip.

Departing the White House later for Jamestown, Virginia, Trump told reporters "we're either going to make a great deal or we're not going to make a deal at all".

The U.S. and Chinese delegations later appeared to have reached Shanghai's historic riverfront Fairmont Peace Hotel where sources say the U.S. delegations are having dinner, but both teams avoided the media and did not make public comments.

"On Tuesday, Trump also reiterated that Beijing might stall talks in hopes of inking a laxer deal with "somebody like Elizabeth Warren or Sleepy Joe Biden", singling out two Democratic presidential front-runners, before reversing course".

Latest News