China stocks gain on trade war hopes

China stocks gain on trade war hopes

President Donald Trump wants to reach an agreement on trade with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina later this month and has asked key U.S. officials to begin drafting potential terms, according to four people familiar with the matter.

Trump has imposed penalty tariffs of up to 25 per cent on $250 billion USA of Chinese goods in a dispute over Beijing's plans for state-led development of technology industries.

Officials are working to resolve differences ahead of upcoming talks between President Trump and his Chinese counterpart Xi Jinping. "We talked about many subjects, with a heavy emphasis on Trade", Mr Trump tweeted.

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.

More news: Oprah: 'Not Trying to Test Any Waters' With Abrams Speeches

"No country presents a broader, more severe threat to our ideas, our innovation, and our economic security than China", Wray said.

Separately, the South China Morning Post - also citing unnamed sources - reported that Mr Trump had offered to host a dinner for the Chinese president after the G20 summit. "And let's see what happens", Trump said at a White House event.

Xi was quoted by CCTV as saying after the call with Trump that the two leaders had hoped to expand bilateral trade cooperation.

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.

More news: Pelicans' Anthony Davis to play vs. Warriors

"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.

US President Donald Trump delivers his speech as he and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing, China, November 9, 2017.

"China has been hurt over the last number of months. If President Trump makes an agreement with President Xi, there is nobody above them to overturn it", he said.

China and the United States are locked in an increasingly bitter trade war, and both countries have already placed tariffs on some of each others' imports.

More news: Trump plans 11 rallies in final days of midterm campaign

China's Premier Li Keqiang, right, speaks next to Tennessee Senator Lamar Alexander during a meeting with a group of U.S. Republican senators and Congress members at Zhongnanhai leadership compound in Beijing, Thursday, Nov. 1, 2018. China has responded with retaliatory duties on $110 billion worth of USA goods.

Related Articles