Trump Hints China Trade Moves for Argentina G20 After Xi Call

Eileen GuzmanNov 03, 2018

President Donald Trump said Friday that he expects a budding US-China trade war to end with "a very good deal".

The Nikkei was up 2.3% in Tokyo, the Hang Seng climbed 3.35% in Hong Kong and the Shanghai Composite was up 3%.

"The sound and stable growth of China-U.S. relations serves the common interests and the fundamental interests of the people of our two countries", Li said.

China's Premier Li Keqiang, right, speaks next to Tennessee Senator Lamar Alexander during a meeting with a group of U.S. Republican senators and Congress members at Zhongnanhai leadership compound in Beijing, Thursday, Nov. 1, 2018.

The leaders of the world's two largest economies made the remarks after their first publicly disclosed telephone conversation in nearly six months.

Trump administration officials have said that trade talks with China can not resume until Beijing comes up with specific actions it is willing take to meet USA demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

Trump said he also talked with Xi about "many subjects", including a "good discussion" on North Korea, where Trump is trying to negotiate an end to Pyongyang's nuclear weapons program.

"Both leaders attach great importance to China-US ties and economic ties", Lu said.

A Bloomberg report said the United States president had asked officials to begin drafting a potential trade agreement with China, citing unnamed sources.

Markets have soared on reports that the two sides are closing in on a deal that would avoid Washington piling on still more tariffs against Chinese imports.

Xi on Thursday said he looks forward to meeting with Trump at the G20 in Argentina, according to China's state media.

On Wednesday, US Secretary of State Mike Pompeo said China was probably Washington's biggest long-term security challenge and the United States was engaged in a "multi-pronged effort.to convince China to behave like a normal nation on commerce" and respect global law.

White House economic adviser Larry Kudlow said at an event in Washington that Trump and Xi might be able to break the logjam on issues during the summit.

Trump's comments came a day after a phone call with Xi that he described as "very good.".

The news agency said it was not clear if Trump was easing up on demands that China has resisted, and it cited one person as saying intellectual property theft was a sticking point on a possible deal. "As the president said, we would like to talk to them about it, but they may not be ready".

The United States has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods.

Trump has imposed penalty tariffs of up to 25 per cent on $250 billion of Chinese goods in a dispute over Beijing's plans for state-led development of technology industries.

Tensions have increased in recent months with U.S. officials accusing China of meddling in the USA midterm elections, conducting cyber espionage and military aggression.

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