Published: Fri, November 02, 2018
Finance | By Gustavo Carr

Trump Asks Cabinet to Draft Possible Trade Deal With Xi

Trump Asks Cabinet to Draft Possible Trade Deal With Xi

Donald Trump said trade talks were "moving along nicely" and that meetings were "being scheduled" at the G20 summit in Buenos Aires.

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

"China has been hurting us and trade deals have been hurting us", he said, adding that his administration is changing all those trade deals.

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 USA politicians on Thursday.

"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.

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.

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

Speaking at a meeting with a group of visiting USA 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".

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Asian stocks rose sharply on Friday on hopes of a trade deal between the United States and China. "China would love to make a deal", Trump told Breitbart at the time.

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.

Tennessee Senator Lamar Alexander told Li that the delegation was there "to show our respect to a great country and a great people".

In recent months China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind. "We have a new deal", he said adding that the USA is now negotiating with the European Union, which "has absolutely hurt" the United States.

Xi said he was "very happy" to talk to Trump again and attaches "great importance to good relations with the president", according to China's official Xinhua news agency.

One person said a sticking point in any potential deal is intellectual property theft, where the Trump administration has sought to take a hard line.

Trump warned that if China doesn't "treat us fairly, we're not going to treat them fairly" in remarks at an event for American workers at the White House.

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