FT: China offers concessions to avert trade war with US

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The concession to allow majority foreign ownership was discussed during Barack Obama's administration, when Chinese and USA negotiators held several rounds of talks about a bilateral investment treaty, or BIT.

Other than American beef, it remains to be seen what China will get back in trade negotiations.

"Had Obama been in office for another six months we would have gotten there", he said.

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China is also willing to end a ban on USA beef imports that has been in place since 2003, officials said, and buy more grains and other agricultural products as it seeks to reduce tensions stemming from the $347bn annual trade surplus in goods that it enjoys with its biggest trading partner.

Just before the summit, Trump asked his staff to begin going country by country in order to pinpoint who exactly is responsible for America's almost $50 billion trade deficit.

Chinese president and his wife were pleasantly surprised on Saturday when Donald Trump's grandchildren sang for them in Mandarin.

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"It is worth remembering that some of our best years of economic growth have produced our largest trade deficits, while the Great Recession was accompanied by a sharp reduction in the trade deficit", said Tom Donohue, head of the US Chamber of Commerce and a critic of Trump's protectionism, as quoted by the newspaper.

Arabella Kushner, daughter of Ivanka Trump and Jared Kushner, serenaded Xi and Peng, a singer herself, with her song-poetry performance during the visitors' stay at US President Trump's Mar-a-Lago estate in Florida, China's state-run news agency Xinhua reported. "Tremendous. goodwill and friendship was formed, but only time will tell on trade", Trump tweeted.

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