Published: Fri, November 02, 2018
Markets | By Otis Pena

Sino-US Relations Can Improve, Says Chinese Premier Amid Trade War

Sino-US Relations Can Improve, Says Chinese Premier Amid Trade War

Asian markets enjoyed another rally on Friday after Donald Trump hailed positive talks with Chinese President Xi Jinping and a report said he had asked officials to draw up a draft bill as he eyes a potential trade deal between the two.

Trump on Thursday said he had "very good" talks with Xi on the growing trade conflict between the two economic giants.

Stock markets in Europe and Asia rallied this morning after a phone call between President Trump and President Xi raised hopes of a thaw in trade tensions.

Progress in US-China talks has stalled since May, when Trump put a stop to a deal that would have resulted in China buying more energy and agricultural goods to narrow the trade deficit. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina.

Washington, Europe and other trading partners say those violate China's market-opening obligations and some American officials worry they might erode USA industrial leadership.

Xi responded to the call by saying he hopes China and the USA will be able to promote a steady and healthy relationship, Chinese state media reported Thursday.

Trump has asked key U.S. officials to begin drafting potential terms, Bloomberg said, adding that the push for a possible deal with China was prompted by his telephone call with Chinese President Xi Jinping on Thursday.

But Trump struck a more affable tone on Twitter after the phone call with Xi.

He has also emphasized the need to reduce the US trade deficit with China.

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Xi was quoted as saying after the call with Trump that they had hoped to expand trade cooperation.

The comment comes days after he warned he would impose tariffs on all China's shipments to the U.S. before saying he thought he could "make a great deal with China" but it was not yet ready.

The U.S. this year has already imposed tariffs on $250 billion in trade with China. "We have a new deal", he said adding that the U.S. is now negotiating with the European Union, which "has absolutely hurt" the United States. "Rebuilt China", Trump told Breitbart at the time.

U.S. Senator Lamar Alexander of Tennessee told Li that the delegation was there "to show our respect to a great country and a great people", and that the two countries "are competitors but not adversaries".

The two countries have imposed tariffs on hundreds of billions of dollars of each other's goods and Trump has threatened to put tariffs on the remainder of China's US$500 billion-plus exports to the United States if the disputes can not be resolved.

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

The United States has already imposed tariffs on $250 billion worth of Chinese goods, with duties on $200 billion of the total set to increase to 25 percent from 10 percent on January 1, 2019.

"I hope that China and the US will meet each other halfway and will appropriately handle their differences with mutual respect and equal cooperation", stated the Chinese premier.

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