Trump speaks by phone with China's Xi on trade

Trump speaks by phone with China's Xi on trade

Trump speaks by phone with China's Xi on trade

President Donald Trump expressed confidence he can reach a deal to end a burgeoning trade war with China, saying he will meet his Chinese counterpart at the Group of 20 meetings in Argentina in about a month.

The telephone conversation on Thursday was Trump and Xi's first publicly disclosed call in six months.

The Trump Administration also has taken action to hit the Chinese semiconductor industry, indicting 2 companies accused of stealing trade secrets and banning USA software and equipment exports to 1 of them.

A foreign ministry spokesman, Lu Kang, said, "I agree, this phone conversation was an extremely positive phone conversation".

Speaking at a meeting with a group of visiting United States congressmen led by Republican Senator Lamar Alexander of Tennessee, Premier Li Keqiang said he hoped the two sides "will meet each other halfway and work together in the spirit of mutual respect and equality".

"If this does turn out to be ZTE round 2, the president will be attacked by Democrats, and some Republicans, for talking a huge game on China but instead being played", said Derek Scissors, a China expert at the American Enterprise Institute. "I am very cautious regarding the outcome of their meeting".

WASHINGTON-The White House's top economic adviser said on November 1 that if China does not come up with a satisfactory offer to meet USA trade demands, then President Donald Trump will continue to aggressively pursue his agenda. Trump complained for a long time about the trade deficit that the U.S. has with China and, among other things, wants the People's Republic to import more American goods.

"They are maybe too complex to be solved in just one meeting", he said.

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He described the phone call as very positive.

The economies of both countries are highly complementary, and both people benefit from the bilateral cooperation, he said, adding that various problems may occur in the economic and trade cooperation.

The United States has already imposed tariffs on $250 billion worth of Chinese goods.

"China does not want to see this", he said, according to Xinhua.

"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.

Trump revoked his government's support for a joint statement following the G7 conference in Canada after Canadian Prime Minister Justin Trudeau criticized U.S. steel and aluminum tariffs.

"He either plans to shove it down Xi Jinping's throat or is simply claiming a deal is forthcoming as a midterm election political stunt". At time of writing, Trump is scheduled to meet Chinese authorities in a few weeks, with the potential outlook of a breakthrough in prolonged trade tensions representing an investment opportunity for financial markets to further unwind of Dollars positions.

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