Sunday, January 20, 2019
   
Text Size

Site Search powered by Ajax

US and China optimistic on trade, plan talks at G20 summit

Markets in Asia and Europe soar after leaders in Beijing and Washington made positive comments on trade.

US President Donald Trump and his Chinese counterpart Xi Jinping have expressed optimism about resolving a bitter trade dispute, following a phone conversation between the two leaders.

China's foreign ministry on Friday said the call, which took place on Thursday, had been "extremely positive" and that the two leaders think they should enhance economic relations.

Trump had earlier said on Twitter that he held a "very good" conversation with the Chinese president "with a heavy emphasis on trade".

The US president said talks were "moving along nicely" and that he planned to meet Xi on the sidelines of the G20 summit at the end of November in Argentina.

Xi told Chinese state media on Thursday that he was willing to meet Trump at the summit and hoped to promote a steady relationship.

"The two countries' trade teams should strengthen contact and conduct consultations on issues of concern to both sides, and promote a plan that both can accept to reach a consensus on the China-US trade issue," Xi told CCTV state television.

The positive comments from the leaders affected on markets in Asia and Europe on Friday, as investors eyed an end to the prolonged trade dispute.

Trade war

The two countries have been locked in an escalating trade war this year, with each side imposing tariffs on hundreds of billions of dollars' worth of imports from the other.

Trump, who began targeting China's trade policies before he entered office, has imposed three rounds of tariffs on Chinese products worth more than $250bn since the beginning of his administration.

He has also threatened to impose tariffs on a further $267bn worth of Chinese goods.

For its part, Beijing has imposed tariffs on $110bn worth of US goods.

Bloomberg reported on Friday that Trump wants to reach a trade agreement with China at the G20 meeting.

Citing people familiar with the matter, the report said it was unclear if Trump was easing up on demands that have been resisted by Beijing, and cited one person who said intellectual property theft was a potential sticking point in a deal.

However, a senior Trump administration reportedly denied that Trump was preparing to make a deal, a CNBC journalist said in a Twitter post on Friday.

"There is a long way to go" on negotiations, the US official said, according to the tweet.


blog comments powered by Disqus

Subscribe via RSS or Email:

Amazon HQ2 'to be split over New Yo...

Read More

Saudi to cut oil exports by 500,000...

Read More

European Union extends sanctions on...

Read More

What is SWIFT and why it matters in...

Read More

Bin Salman launches Saudi Arabia's ...

Read More

China's Xi pledges to lower tariffs...

Read More

Most Read Articles

Most Read News

Donation

Thanks to all of our supporters for your generosity and your encouragement of an independent press!

Enter Amount:

Featured_Author

Login






Login reminder Forgot login?

Subscribe to MWC News Alert

Email Address

Subscribe in a reader Facebok page Twitter page

Israel pounds Gaza

India's Kerala state devastated

Capturing life under apartheid