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United States and China optimistic on trade, plan talks at G20 summit

03 November, 2018, 03:53 | Author: Shawna Walton
  • WASHINGTON DC- OCTOBER 31 US President Donald Trump, speaks while flanked by Director of the National Economic Council Larry Kudlow during an event for American workers in the State Dining Room of the White House

Trump has asked key US officials to begin drafting potential terms, Bloomberg said, adding that the push for a possible deal with China was prompted by his telephone call with Xi on Thursday.

Trump said on Twitter that trade discussions with China were "moving along nicely", and that he planned to meet with Xi on the sidelines of the G20 leaders summit, after the two had a "very good" phone discussion yesterday. And they're having a hard time, and they'll be fine, ' Trump said Wednesday.

Still, the telephone call did appear to improve the market sentiment, with stocks and yuan/dollar rates rebounding overnight and on Friday morning.

Hong Kong and Shanghai led another rally across Asian markets on Friday after Donald Trump's tweet hailing positive talks with Chinese President Xi Jinping was seized on by dealers hoping for a breakthrough in their trade row.

Shi also said he thought China had only a limited role to play on the North Korea issue. -China Business Council in Beijing, said there were plenty of challenges that would require significant negotiations in advance of a meeting between Trump and Xi to ensure success. "They all want to do it".

It comes ahead of a key meeting between Mr Trump and China's President Xi Jinping at the G20 summit this month.

The Trump administration has imposed tariffs on $250bn of trade with China this year and has threatened to hit all imports from China, which were worth $505bn last year.

Washington and Beijing are in an increasingly high-stakes standoff over Trump's aggressive move to end what he says have been years of unfair trade practices by China, including rampant intellectual property theft, forced technology transfers and market access barriers.

James Zimmerman, a partner with the Beijing office of law firm Perkins Coie and former chairman of the American Chamber of Commerce in China, questioned Trump's sincerity with regards to a possible trade deal. "We are not on the cusp of a deal", Kudlow said. Suddenly, talks of 7.00 has nearly all but evaporated and the surge higher in the yuan here will continue to give added backing to gains seen in the aussie and the kiwi ahead of the U.S. jobs report later.

A Justice Department indictment targeted two companies based in China and Taiwan and three individuals, saying they conspired to steal trade secrets from USA semiconductor company Micron Technology Inc.

The US also sued to stop the companies from exporting to America any products that were created using the trade secrets.

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

The comment comes days after he warned he would impose tariffs on all China's shipments to the U.S. before saying he thought he could "make a great deal with China" but it was not yet ready. He said further meetings with Xi are being scheduled for the G-20 summit of the world's biggest economies, set for November 30 in Buenos Aires, the first ever such summit in South America.

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