Trump, Xi upbeat on ending trade war

02 November, 2018, 14:31 | Author: Shannon Aguilar
  • A man looking at electronic boards showing Japan's Nikkei average and the Dow Jones Industrial Average outside a brokerage in Tokyo on Oct 12 2018

Earlier this year, the Trump administration imposed tariffs on $250 billion worth of Chinese goods, prompting Beijing to retaliate.

Hong Kong and Shanghai led another rally across Asian markets on Friday after Donald Trump's tweet hailing positive talks with Chinese President Xi Jinping was seized on by dealers hoping for a breakthrough in their trade row.

But Bloomberg later reported that the phone call - in which Trump and Xi both expressed optimism about resolving their bitter trade disputes - prompted Trump to ask officials to begin drafting potential terms.

U.S. President Donald Trump said he talked with Chinese President Xi Jinping on Thursday, especially about ongoing trade disputes between the world's two biggest economies. 'Also had good discussion on North Korea!'

In comments to state media, Xi said he hoped China and the United States would be able to promote a steady and healthy relationship, and that he was willing to meet with Trump in Argentina. Both sides reported that they had constructive discussions on North Korea and trade, with Chinese state media saying that 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 November 30 to December 1.

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If you look at their economy, the Chinese economy is not doing well.

Officials are working to resolve differences ahead of upcoming talks between President Trump and his Chinese counterpart Xi Jinping.

"The two countries' trade teams should strengthen contact and conduct consultations on issues of concern to both sides, and promote a plan that both can accept to reach a consensus on the China-US trade issue", Xi said on CCTV state television.

On Thursday, the USA accused a Chinese state-owned company of conspiring to steal trade secrets of U.S. chipmaker Micron Technology Inc.as part of a Justice Department crackdown against China in cases of suspected economic espionage.

'We're going way up, and China has been hurt over the last number of months. "I don't think they're ready yet".

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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