Trump and Macron G7 Press Conference FULL

U.S. President Donald Trump said China wants to make a deal as he praised comments by the country’s chief negotiator for trade, offering a more conciliatory tone after escalating tensions in recent days.

“They want to make a deal very badly,” Trump said during a press conference from the Group of Seven meeting in Biarritz, France. “The tariffs have hit them very hard.”

Trump also noted remarks made earlier Monday by China’s top trade negotiator, Vice Premier Liu He. “He wants to see a deal made, he wants it to be made under calm conditions,” Trump said. “He used the word ‘calm,’ I agree with him.”

U.S. stocks rallied Monday after optimistic remarks at the G-7 from Trump and French President Emmanuel Macron, who said he saw a willingness for a U.S.-China trade deal. The dollar strengthened and 10-year Treasury yields held close to a three-year low.

Liu said at the opening ceremony of the 2019 Smart China Expo in Chongqing: “We are willing to solve the problem through consultation and cooperation with a calm attitude,” according to a Caixin report. “We firmly oppose the escalation of the trade war,” he said, adding that it “is not conducive to China, the U.S. and the interests of people all over the world.”

While Trump mostly struck a conciliatory tone in his press conference, he also insisted that any deal would have to address the imbalance in trade. If it didn’t, he said, the U.S. would stop doing business with China.

“This has to be a deal that’s better for us,” he told reporters. “And if it’s not better I don’t want to do business.”

Prospects for Deal

Earlier Monday Trump said the prospects for a deal with China are better now than at any time since negotiations began last year, even as a top state-media editor in Beijing questioned his version of events.

He said China last night called “our trade people and said let’s get back to the table.” He also lauded President Xi Jinping as a “great leader” and said “anything’s possible” when asked if he would delay tariff increases on China.

“You can say we’re having very meaningful talks, much more meaningful than I would say at any time frankly,” Trump said while meeting with German Chancellor Angela Merkel on Monday. “Maybe I’m wrong but we’re in a stronger position now to do a deal, a fair deal for everyone,” he added.

Phone Calls

Still, a spokesman for China’s foreign ministry wasn’t able to immediately confirm the details of the phone calls on Monday. Later, Hu Xijin, editor-in-chief of China’s Global Times newspaper, said in a tweet that top trade negotiators hadn’t spoken by phone in recent days and that Trump was exaggerating the significance of the trade contacts.

At the press conference, Trump answered questions on the discrepancy insisting that there had been “numerous calls” over the past two days including with U.S. Treasury Secretary Steven Mnuchin.

Mnuchin, also in Biarritz, said earlier Monday “there were discussions that went back and forth and let’s just leave it at that.”

Subscribe to our YouTube channel

TICTOC ON SOCIAL:

Follow TicToc on Twitter

Like TicToc on Facebook

Follow TicToc on Instagram

Watch all of TicToc’s videos

Listen to TicToc’s podcast

Subscribe to our newsletter

TicToc by Bloomberg is global news for the life you lead. We are a 24/7 news network that covers breaking news, politics, technology, business and entertainment stories from around the globe, supported by a network of Bloomberg’s 2,700 journalists across 120 countries.