China says Xi-Trump phone call ‘extremely positive’

Andrew Cummings
November 2, 2018

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.

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.

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

China and the United States should work together to get their relations back on track, China's premier said in Beijing on Thursday, ahead of the U.S. midterm elections and a possible meeting between presidents Xi Jinping and Donald Trump.

"Opec and other major producers appear to have gotten the message from US President Donald Trump and increased production, but there are still questions on how much will the sanctions actually impact Iranian exports", said National Australia Bank senior forex strategist Rodrigo Catril.

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.

"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.

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

Trump said that in early October China wanted to come in and make a deal, but he told them they weren't ready. In response, Beijing said it would impose taxes on 5,207 United States imports worth about $60 billion.

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.

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

"China has been hurt over the last number of months".

Alexander said he would be discussing trade with Li, though neither of them mentioned the ongoing tariff war in remarks in front of reporters.

Trump asked key cabinet secretaries to have their staff draw up a potential deal to signal a ceasefire in an escalating trade conflict, the people said, adding that multiple agencies are involved in the drafting of the plan. And they're having a hard time, and they'll be fine, ' Trump said Wednesday.

"We are changing them".

According to a report by state broadcaster CCTV, Li said China and the U.S. had benefited from cooperation, and that they should respect each other's core interests and concerns.

Other reports by iNewsToday