Economy

Shares soar as Trump hints at possible US-China trade deal

Shares soar as Trump hints at possible US-China trade deal”

Chinese President Xi Jinping hopes the United States and North Korea will further promote the denuclearization of the Korean peninsula and push for peace, Chinese state media reported on Thursday.

But within hours of the upbeat assessments, the US Justice Department took aim at another Chinese firm it accused of unfair practices, part of an across-the-board pressure campaign by the Trump administration targeting China.

Both countries presidents have expressed optimism in resolving their issues. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina, ' he tweeted.

Trump has asked key USA officials to begin drafting potential terms, Bloomberg said, adding that the push for a possible deal with China was prompted by his telephone call with Chinese President Xi Jinping on Thursday.

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.

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.

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

China has been hurt over the past months and is having a "hard time" due to strong steps taken by the U.S. against it over trade, United States president Donald Trump has claimed.

"Just had a long and very good conversation with President Xi Jinping of China".

"What negotiations have lacked to date has been that (presidential) level of engagement".

Tennessee Senator Lamar Alexander told the official the US and China are competitors not adversaries and suggested they can prosper together.

Though final decisions have not been made, USA officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to the report.

The US and China's tit-for-tat tariffs on each other's goods have rumbled on for months as Trump pledges to help create more US manufacturing jobs.

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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