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Business

Trump doesn't foresee China trade deal before 2020

Washington, Sep 21 

US President Donald Trump has said that he does not foresee a "complete" trade agreement with China before the 2020 presidential election.

"We're looking for a complete deal. I'm not looking for a partial deal," Trump said at a press conference with Australian Prime Minister Scott Morrison here on Friday.

He said he does not believe it will be possible to reach a trade deal with Beijing before US elections in November next year, reports Efe news.

"I don't think I need it before the election. I think people know that we're doing a great job," he added.

Trump said that China's previous agreement to buy agricultural products would not be enough.

He insisted that his relationship with the Chinese president Xi Jinping is "very amazing" and described the ongoing trade dispute as a "little spat".

He added that "China is being affected very badly" by the successive rounds of tariffs imposed by both countries, referring to a slowdown in the pace of economic growth in the Asian nation but insisted that it had not affected the US.

"We're doing very well. Our economy is very strong," he continued.

The US government recently approved two multi-million dollar financial assistance programmes to help farmers who have been affected by the loss of access to the Chinese market.

Negotiating teams from both countries are planning to resume talks next week.

Trade tensions between the two largest world economies, which began after Trump's arrival at the White House in 2017, have gone beyond bilateral relations and had profound global consequences.

The International Monetary Fund downgraded its projections of global expansion to 3.2 per cent this year in its latest global growth forecasts released in July, one tenth less than in April.

It is also likely to reduce them again in a report that will be released during its annual Assembly next October in Washington.