China trade deal 'too hard'

U.S. President Donald Trump and Chinese President Xi Jinping shakes hands during a joint press conference at the Great Hall of the People Thursday Nov. 9 2017 in Beijing

U.S. President Donald Trump and Chinese President Xi Jinping shakes hands during a joint press conference at the Great Hall of the People Thursday Nov. 9 2017 in Beijing

While Trump said on Twitter that China had agreed to purchase "MASSIVE" amounts of American farm goods to reduce its yawning trade surplus with the US, the two sides didn't agree on a specific dollar figure.

Trump has already met President Xi of China for trade talks but has been characteristically unsatisfied with the results.

On Wednesday morning, President Donald Trump expressed skepticism about a potential trade deal with China, tweeting that the current framework for a deal to avoid an exchange of tariffs between the two countries may be more hard than anticipated.

Several administration officials were then obliged to walk back optimistic comments that China would agree to cut its trade surplus with the United States by $200bn, largely by increasing USA imports.

"Any resurgence in trade tension risks retracing recent market gains and could place additional pressure on the domestic agriculture sector and risk potential gains for US exporters", Allen said.

"What I envision is a very large fine of more than a billion dollars, could be [$1.3 billion]".

That means the White House now wants you and me to become partners in making China's state-owned ZTE - a "company (that) used an elaborate system of shell companies to deceive the U.S." - great again so "that their equipment could be used to spy on or sabotage networks" again.

The ban has threatened the viability of ZTE by cutting off access to companies that supply 25 percent to 30 percent of its components.

The move effectively ended the company which has ceased operations worldwide whilst it concentrates on appealing or fighting back.

The U.S. Department of Defense has also stopped selling ZTE's mobile phones and modems in stores on its military bases, citing potential security risks.

U.S. Treasury Secretary Steven Mnuchin told lawmakers that the treatment of ZTE was not "a quid pro quo or anything else" related to trade, and said it would not undermine national security.

"This is not a quid pro quo or anything else", Mnuchin told a Senate Appropriations subcommittee.

It is unclear what ZTE can do to prompt a reprieve, though it is expected to reshuffle executives and possibly its board.

An agreement previous year called for the company to pay as much as US$1.2 billion and penalize the workers involved, in what was the largest criminal fine for the US Department of Justice in an export control or sanctions case. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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