US and China extend talks, but final agreement remains elusive



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"We have a unique chance to do a lot for both countries," Trump said, before adding, "I would say that it is more likely that an agreement will be reached."

Mr. Trump's advisers were more cautious. Robert Lighthizer, Trump's most important trade negotiator, warned that the US and China still have "very big hurdles" to overcome. Wilbur Ross, secretary of commerce, said that it was "a bit early for champagne".

While significant hurdles persist, the two sides agreed to extend the 48-hour talks and US officials said the two countries had reached what Trump called a "final agreement" to stabilize the Chinese currency. although the details of this agreement are unclear.

The United States was concerned that China could not mitigate the effects of tariffs by weakening its currency, which would make Chinese products cheaper to buy. Some international financial experts have found the idea of ​​such an ironic agreement, the United States having urged for years China to allow its currency to float more freely.

Tony Sayegh, a spokesman for the Treasury Department, has not responded to a request for comment on the details of the monetary agreement.

The Chinese delegation also presented Mr. Trump with a letter from Xi, as he did last month, calling on both parties to continue their efforts to reach a mutually beneficial agreement. Liu He, who was named Xi's special envoy and leads the negotiations, agreed that he believes an agreement is likely.

Trump, who has been focusing for years on how unfair competition from China has shattered US manufacturing, has set the bar high for its trade deal. Its advisers lobbied China to cut subsidies that fuel its high-tech industries and soften its grip on its economy, measures that would go against Xi's desire to strengthen China and control it.

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