Trump on China: 'Can't have trade that's meant for stupid people'

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China's written response to U.S. demands for trade reforms is unlikely to trigger a breakthrough at talks between Presidents Donald Trump and Xi Jinping later this month, a senior Trump administration official told Reuters on Thursday.

The Trump administration took controversial steps to reduce its trade deficit with protectionist measures and put tariffs on more than $250 billion worth of Chinese goods.

China has delivered a written response to U.S. demands for wide-ranging trade reforms, three U.S. government sources said on Wednesday (Nov 14), a move that could trigger more formal negotiations to resolve a withering trade war between the world's top economies.

Washington expects Beijing to undertake a dramatic change in all of its policies to accommodate United States demands and is prepared for prolonged hostilities if it does not, Vice President Mike Pence reportedly said.

"Until I see Lighthizer ordered into the fray I don't think there will be a trade deal", Scissors said.

Trump's comments sent the Dow Jones Industrial Average to its high of the day, briefly trading more than 200 points higher in session highs.

U.S. President Donald Trump said Friday that China recently sent a list of compromises to reach a trade agreement. "We'll find out very soon", he said.

The Trump administration has been slapping tariffs on China, claiming that the USA was "being treated unfairly in trade" and accusing Beijing of "stealing intellectual property".

Commerce Secretary Wilbur Ross told Bloomberg on Thursday that Trump and Xi at best would be able to come up with a "framework" deal at the Group of 20 summit in Buenos Aires on November 30-Dec. 1. Both head of state also welds great power, with President Donald Trump's control on trade tariffs unperturbed by the latest midterms election results. "They have tremendous tariffs on us that we didn't have on them", he said. "We can't have trade meant for stupid people". Economic relations between the US and China, the world's largest economies, have been thrust into uncertainty by an ongoing trade war. He said the list of 142 items was "pretty complete" but "there are four or five big things left off".

The two sides have been far apart during their months-long tariff dispute, and a source briefed on China's response said it reiterated commitments Xi has made in recent speeches, and demanded that the United States lift tariffs.

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