China says Xi-Trump phone call on trade 'extremely positive'

02 November, 2018, 17:59 | Author: Brooke Harris
  • China's economy is being damaged by its trade war with the US and a domestic debt cleanup

Trump asked his staff to draw up an outline of a deal that could lead to a ceasefire in an escalating trade conflict, a draft that would involve several government agencies.

"He wants to do it", Trump said of Xi.

Trump has long threatened to impose tariffs on all $500 billion-plus goods that the United States imports from China if Beijing fails to meet his demands for sweeping changes to its policies on intellectual property, technology transfers, industrial subsidies and local market access.

Xi responded to the call by saying he hopes China and the USA will be able to promote a steady and healthy relationship, Chinese state media reported Thursday.

Mr Trump has asked key U.S. officials to begin drafting potential terms, according to the report.

Both the US and China have sought to portray the personal relations between the two leaders as a source of stability in the relationship, and they have refrained from direct criticism of each other.

The two countries have imposed tariffs on hundreds of billions of dollars of each other's goods and Trump has threatened to put tariffs on the remainder of China's US$500 billion-plus exports to the United States if the disputes can not be resolved.

"What negotiations have lacked to date has been that (presidential) level of engagement. We talked about many subjects, with a heavy emphasis on Trade", Trump tweeted.

The HSI and Shanghai were already buoyant after Beijing said it would introduce measures to kickstart the stuttering economy following a string of weak data, including growth at its slowest pace in nine years during the third quarter.

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The Chinese president was also quoted as saying that he was willing to meet Trump in Argentina during the G-20 summit.

"China has been hurt over the last number of months".

Fujian Jinhua Integrated Circuit and Taiwan's United Microelectronics were charged along with three individuals, the Justice Department said. 'But we have a chance to make a fair deal, because China has been hurting us and trade deals have been hurting us.

But Trump struck a more upbeat tone on Twitter after the phone call with Xi.

Both sides reported that they had constructive discussions on North Korea and trade, with Chinese state media saying that Mr Trump supported "frequent, direct communication" between the presidents and "joint efforts to prepare for" the planned meeting on the sidelines of the Group of 20 summit, which is scheduled to take place from from Nov 30 to Dec 1.

Earlier this week, Trump said he thought there would be "a great deal" with China on trade, but warned that he had billions of dollars worth of new tariffs ready to go if a deal did not materialize.

The United States has imposed tariffs on $250-billion worth of Chinese goods, with duties on $200-billion of the total set to increase to 25 per cent from 10 per cent on January 1, 2019.

A key point of contention for the US has been its allegations that China has engaged in widespread intellectual property theft.

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