US President Donald Trump on Monday sounded an optimistic note about this week's negotiations with China to end the trade war between the two global economic super powers, adding that he would not be satisfied with a partial deal.
"We think there's a chance we could do something very substantial," he said about the talks at the end of the week.
Trump also said, however, that he hopes China finds a humane resolution to the political protests in Hong Kong and that the situation has the potential to hurt trade talks.
Top-level trade talks are scheduled to resume on Thursday, when Chinese Vice Premier Liu He meets with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
The talks are to proceed ahead of a scheduled increase in U.S. tariffs on $250 billion worth of Chinese goods to 30% from 25% on October 15. Trump has said the tariff increase will take effect if no progress is made in the negotiations.
Data from China on Tuesday did little to cheer markets after the services sector grew at its slowest pace in seven months in September, despite a strong increase in new orders.
Meanwhile, the US and Japan signed a limited trade deal that opens markets for American farmers and brings Tokyo a degree of assurance that President Donald Trump won’t impose new tariffs on auto imports for now.
The accords on agriculture and digital trade cover about $55 billion worth of commerce between the world’s largest- and third-biggest economies, U.S. Trade Representative Robert Lighthizer said at a ceremony in the Oval Office alongside Trump. The accord is a “game changer for our farmers" and ranchers, Trump said at the event.