Trump Confident of Fair Trade Deal with China

Trump Confident of Fair Trade Deal with China

Trump Confident of Fair Trade Deal with China

Chinese President Xi Jinping had an "extremely positive" phone conversation with U.S. President Donald Trump about trade and other issues, the foreign ministry said Friday.

"I think we will make a deal with China", he told journalists at the White House.

President Trump on Friday signaled the U.S.is getting closer to a trade deal with China.

The announcement gave hope that any trade resolution later this month would result in China dropping its additional 25% import tariff on soybeans bought from the US.

"We've had very good discussions with China".

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"We're doing a normal, routine run-through of things that we've already put together and normal preparation", he said. "If President Trump makes an agreement with President Xi, there is nobody above them to overturn it", he said.

Trump is scheduled to meet the Chinese President Xi Jinping in Argentina on the sidelines of the G-20 Summit on November 30 and December 1.

Tai Hui at JPMorgan Asset Management said a stabilising trade relationship between USA and China and more stimulus from Beijing would be the key ingredients to revive market confidence in Asia.

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.

White House economic adviser Larry Kudlow downplayed the potential for a quick deal. "But China very much wants to make a deal", he said.

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Xi told Chinese state media on Thursday that he was willing to meet Trump at the summit and hoped to promote a steady relationship.

The president's remarks helped US stocks to trim their losses on a day that started with market optimism over a Bloomberg report quoting unnamed sources as saying that Trump had ordered his cabinet to draw up terms for a China trade deal. "We're not on the cusp of a deal".

Trump administration officials have said U.S. -China trade talks can not resume until Beijing outlines specific actions it would take to meet US demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

The Trump Administration also has taken action to hit the Chinese semiconductor industry, indicting 2 companies accused of stealing trade secrets and banning U.S. software and equipment exports to 1 of them. "But the tariffs already imposed will not go away", Tu said. "If the policy talks don't, it may deteriorate", Kudlow said.

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Neither leader specified any details of potential progress in their first known direct discussion in several months. If President Trump makes an agreement with President Xi, there is nobody above them to overturn it", he said.

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