White House: US-China trade talks continue next week

U.S. and Chinese officials are slated to extend negotiations on a trade deal in Washington, D.C., next week after talks in Beijing on Friday between top Trump lieutenants and President Xi Jinping.

“The United States looks forward to these further talks and hopes to see additional progress,” White House Press Secretary Sarah Sanders said in a statement.

Any deal between the two countries would be reached via a “Memoranda of Understanding,” Sanders said, which would allow Trump to bypass Congress and avoid the difficulty he is currently facing in trying to get a separate trade deal with Canada and Mexico approved.

And amid media reports suggesting a potential extension, the administration reiterated that Trump intends to increase previously imposed tariffs on $200 billion in Chinese products -- up from 10 percent to 25 percent -- if a deal is not reached. Trump has also indicated he will expand the duties to an additional $267 billion in imports, effectively covering all shipments from China.

This week, Treasury Secretary Steven Mnuchin and United States Trade Representative Robert Lighthizer met with Xi, as well a delegation led by Vice Premier Liu He. The talks focused on “structural issues,” like forced technology transfer for U.S. businesses trying to operate in China, intellectual property rights and nontariff barriers.

The two sides also discussed “China’s purchase of United States goods” to reduce the trade deficit between the nations. The White House previously said, however, that any trade deal would have to go beyond China buying more American products.

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While officials remain optimistic a deal can be reached, any further imposition of tariffs could rattle markets and lead to greater collateral harm for U.S. businesses. Already, top companies like Caterpillar, Ford Motor Co., Apple and others warned that an economic slowdown in China – spurred in part by the trade skirmish – will weigh on earnings in 2019.