Trump seeks deal with Xi this month

Roman Schwartz
November 3, 2018

President Donald Trump said he spoke with Chinese President Xi Jinping on trade and North Korea ahead of a meeting planned between the two leaders at the G20 summit next month.

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

Trump said earlier on Twitter that he and Xi had a "very good" conversation.

"Xi said both he and Trump have good visions for a healthy, stable development of the China-US relations as well as expanding economic and trade cooperation, and they should make efforts to realize the wishes", Xinhua said.

Trump imposed new tariffs on roughly half of Chinese imports this summer, while Beijing fired back with tariffs on most United States products. "Those discussions are moving along nicely with meetings being scheduled at the G20 in Argentina". At a campaign rally in Columbia, Missouri, he later said "they want to make a deal".

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.

Trump revealed Thursday that he had spoken with Xi on several subjects, but focused on trade.

Despite the promise offered by the Trump-Xi telephone call, the level of tension between the two nations was demonstrated just hours after it ended when the United States filed charges against Chinese technology firm Fujian Jinhua Integrated Circuit Co and its Taiwanese partner. "And let's see what happens", Trump said at a White House event.

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"Positive comments from President Trump over US-China trade tension are cheering the market in the short term", said Tai Hui, chief market strategist for Asia Pacific at JP Morgan Asset Management.

Federal Bureau of Investigation director Christopher Wray said the USA has filed a civil lawsuit seeking to prevent the two indicted companies, Taiwan-based United Microelectronics Corp. and China's state-owned Fujian Jinhua Integrated Circuit, from exporting any products created using US trade secrets and blocking the further transfer of trade secrets.

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.

It was unclear if Trump was easing up on U.S. demands that China has resisted.

Chinese tech stocks traded in the U.S. are surging across the board.

"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".

China has responded with retaliatory duties on $110-billion worth of US goods. And we're changing them'.

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