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China's Xi Jinping calls on Donald Trump for trade compromise

03 January, 2019, 00:06 | Author: Shawna Walton
  • US President Donald Trump says he had a productive phone conversion with China's leaders

The US benchmark S&P 500 stock index advanced in light trading volume after US President Donald Trump said he held a "very good call" with China's President Xi Jinping on Saturday to discuss trade and said "big progress" was being made.

Trump wrote on Twitter that he had "a long and very good call" with Xi over a possible deal.

Carter, who has devoted his post-presidential career to eradicating poverty, said that the "easiest route" to cooperation between the U.S. and China was in Africa. Trump's efforts to challenge Beijing on trade over the past year have dredged up a wide range of grievances and fueled concerns that the relationship is heading into a prolonged period of confrontation.

"History has proved that cooperation is the best choice for both sides", Xi said, adding that Sino-US relations were at an important stage.

In this December 1 photo, President Donald Trump and Chinese President Xi Jinping meet over dinner at the G20 Summit in Buenos Aires, Argentina.

Xi made no mention at all of any economic reforms or concessions aimed at mitigating or ending the fractious trade war with the U.S.

Former US president Jimmy Carter warned on Monday that both countries were increasingly describing each other as threats.

Investors grew anxious that the testy U.S.

The White House says the tariffs are a response to China's unfair trade policies, which Mr Trump blames for helping to create a huge trade deficit.

US stocks, beaten down recently by concerns about an escalating tariff war, got a boost from news of the upcoming talks in Beijing.

China resumed purchases of US soybeans in early December following a trade truce agreed to by leaders from the two countries during G20 summit in Argentina.

According to Xinhua, Mr Trump praised the last four decades of diplomacy between China and the U.S., hailing his "solid friendship" with the Chinese leader.

The Big Three Detroit automakers - General Motors, Ford and Fiat Chrysler Automobiles - have each said higher tariff costs will result in a hit to profits of about $1 billion this year. As NPR's Rob Schmitz reported, USA tariffs on $200 billion worth of Chinese imports, which were scheduled to increase to 25 percent on January 1 have remained at 10 percent as a result of that temporary truce. He's pushing the Asian nation to reduce trade barriers and stop the alleged theft of intellectual property.

China also suffered as products such as phone batteries were hit by US tariffs, and customers began looking to buy from other countries.

In his annual New Year's Eve address on Monday, Mr Xi urged self-reliance amid change "unseen in 100 years", as the country faced an economic slowdown and a more confrontational US. Still, the paper sounded a note of caution.

In December, China's major state-owned grain stockpiler said that it had resumed buying USA soya beans, and Beijing announced that it would suspend extra tariffs on US-made cars and auto parts starting Jan 1.

Total U.S. agricultural export shipments to China for the first 10 months of 2018 fell by 42 percent from a year earlier to about $8.3 billion, according to the U.S. Department of Agriculture.

Xi said that in 2018 - 40 years since the transformation led by Deng Xiaoping - the country had enacted "systematic, holistic and reconstructive reforms of the party and state institutions".

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