Published: Sun, November 04, 2018
Finance | By Gustavo Carr

Asian markets soar on hopes of end to US-China trade war

Asian markets soar on hopes of end to US-China trade war

A US Embassy spokesperson said Thursday in Beijing that the Trump administration had no plans to send a high-level representative to the expo, adding that China needed to make the necessary reforms to end what the US says are unfair trade practices.

Trump noted that significant progress has been made in resolving differences between the United States and China.

In a phone call with U.S. President Donald Trump, Xi also said China would continue to play a constructive role in the process.

"I hope teams from both sides can implement the agreements achieved by the two countries' leaders", the spokesperson said.

Mr Trump has asked key U.S. officials to begin drafting potential terms, according to the report. Later in the day, his economic adviser Larry Kudlow stoked optimism by telling reporters there may be a "thaw" between the U.S. and China on trade. "China does not want to see this", he said, according to Xinhua.

Disagreements on trade have "adversely affected" industries from both countries as well as global trade, Xi said.

Mexico's foreign minister said Monday during a news conference that his country would proceed with the deal, which Trump renamed the United States-Mexico Trade Agreement, even if Canada and the USA fail to agree to terms.

China's Premier Li Keqiang (R) speaks next to Tennessee Senator Lamar Alexander (2nd R) during a meeting with a group of U.S. Republican senators and Congress members at Zhongnanhai leadership compound in Beijing, China, on November 1, 2018.

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Trump's comments came a day after a phone call with Xi that he described as 'very good.'.

Xi said the situation on the Korean peninsula has "undergone positive changes".

President Donald Trump says he will meet his Chinese counterpart alongside the Group of 20 meetings in Argentina as they look to curb a burgeoning trade war.

The trade dispute has also forced the yuan to fall in value but on Friday it was stronger for the first time this week, also helped by Xi's pledge on Thursday of more support for private firms.

The US this year has already imposed tariffs on US$250 billion in trade with China. We are much closer to doing something.

China and the USA, the world's two largest economies, are in a bitter trade dispute.

Trump's posture toward China has been closely watched by investors, who are looking for the possibility of tensions cooling.

Trump administration officials have said that trade talks with China can not resume until it comes up with specific actions it is willing to take to meet U.S. demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

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