Published: Fri, November 02, 2018
Markets | By Josh Butler

Trump Tweets Trade Talks With Xi 'Moving Along Nicely'

Trump Tweets Trade Talks With Xi 'Moving Along Nicely'

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.

Asian shares have surged on reports that Donald Trump wants to reach an agreement with Chinese president Xi Jinping about the trade dispute that has dogged markets for months.

Bloomberg's Enda Curran reports on "Bloomberg Daybreak: Asia".

US President Donald Trump and Chinese President Xi Jinping have expressed optimism about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentia.

Trump said he and Xi also had "a good discussion on North Korea".

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. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina.

Dealers were set for a strong end to a healthy week after Mr Trump's tweet, which was a rare sign of hope in the months-long stand-off between the world's top two economies that many fear could batter global growth.

Trump said the American economy is doing well and he has been receiving congratulatory message from across the world.

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The trip could be twice as long if the migrants head for the Tijuana-San Diego frontier, as another caravan did earlier this year. The U.S. military has already begun delivering jersey barriers to the southern border in conjunction with the deployment plans.

It was the fourth such case since September alleging Chinese espionage on US economic interests.

"The economic teams of the two countries should strengthen contact, conduct consultations on issues of mutual concern, and push for a mutually acceptable solution to China-US economic and trade issues", Xi said.

Just after the upbeat readouts of the Trump-Xi call, the Justice Department announced the latest in a list of actions against what the Trump administration calls China's cheating through intellectual property theft, unfair corporate subsidies and rules hampering U.S. corporations in China.

The onshore yuan was headed for its biggest two-day advance in more than 11 years amid prospects that China and the US are working toward a possible deal in a trade war that has roiled global financial markets.

"We do hope that China and the United States will meet each other halfway and work together in the spirit of mutual respect and equality", Li told Trump's fellow Republicans. "I don't think they're ready yet".

China and the United States can overcome their differences and get relations back on track if they work together in a spirit of mutual respect, Chinese Premier Li Keqiang told a group of visiting US politicians on Thursday.

"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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