Sunday, 18 November, 2018

Donald Trump, Xi Jinping eye G20 talks after ‘very good’ phone call

Donald Trump said his Chinese counterpart Xi Jinping wants to make a deal to end an escalating trade war Donald Trump said his Chinese counterpart Xi Jinping wants to make a deal to end an escalating trade war
Scott Davis | 02 November, 2018, 14:30

Bloomberg reported on Monday that the United States is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war.

Bloomberg later reported, citing people familiar with the matter, that Trump wants to reach a trade agreement with China at the G20 meeting and that after the call with Xi he had asked officials to begin drafting potential terms.

Trump said the two countries have a chance to make a fair deal.

The onshore yuan was headed for its biggest two-day advance in more than 11 years amid prospects that China and the USA are working toward a possible deal in a trade war that has roiled global financial markets.

"President Xi Jinping also stressed that China-U.S. trade has always been serving as ballast and a stabilizer for China-U.S. relations".

But Trump described the call between the two leaders as "a long and very good conversation" and said "discussions are moving along nicely".

Trump said he and Xi also had "a good discussion on North Korea".




His comments came a day after US Secretary of State Mike Pompeo said China should "behave like a normal nation on commerce and with respect to the rules of global law".

"It is possible some good positive things could - I say could - come out of President Trump-President Xi talks". Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina. "We have a new deal", he said adding that the U.S. is now negotiating with the European Union, which "has absolutely hurt" the United States. But Kudlow cautioned that Trump would "aggressively" pursue his agenda against China, if no deals were reached on intellectual property theft, cybersecurity and tariffs on commodities, among other issues.

Xi on Thursday said he looks forward to meeting with Trump in Argentina and hopes the two sides build stable relations, according to China's state media.

China and the United States are locked in an increasingly bitter trade war, with both countries have already placed tariffs on some of each others imports.

Pompeo's comments were the latest slur to come out of Washington, which has accused Beijing of meddling in United States politics, conducting cyber espionage against aviation firms and hacking Trump's iPhone.

Trump warned that if China doesn't "treat us fairly, we're not going to treat them fairly" in remarks at an event for American workers at the White House.

Tai Hui, chief market strategist (Asia Pacific) at JP Morgan Asset Management, told Reuters: "While we are still cautious over a full resolution of recent tensions in the medium term, resumption of dialogue between Washington and Beijing would be good enough to investors for now".

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