Trump, Xi upbeat on US-China trade; US targets more Chinese firms

Trump, Xi upbeat on US-China trade; US targets more Chinese firms

Trump, Xi upbeat on US-China trade; US targets more Chinese firms

Chinese President Xi Jinping had an "extremely positive" phone conversation with U.S. President Donald Trump about trade and other issues, the foreign ministry said Friday.

In comments to state media, Mr Xi expressed his hopes for a trade deal and said he was willing to meet with Mr Trump in Argentina. Trump said trade talks were "moving along nicely" and that meetings were "being scheduled" at the G20 summit in Buenos Aires.

On Thursday, the USA accused a Chinese state-owned company of conspiring to steal trade secrets of U.S. chipmaker Micron Technology Inc.as part of a Justice Department crackdown against China in cases of suspected economic espionage.

Meanwhile, Chinese stocks have been under pressure this year amid trade conerns and slowing domestic economy. He has also emphasized the need to reduce the USA trade deficit with China.

Trump has long threatened to impose tariffs on all $500 billion-plus goods that the United States imports from China if Beijing fails to meet his demands for sweeping changes to its policies on intellectual property, technology transfers, industrial subsidies and local market access.

The onshore yuan was headed for its biggest two-day advance in more than 11 years amid prospects that China and the USA are working toward a possible deal in a trade war that has roiled global financial markets.

Trump said earlier on Twitter that he and Xi had a "very good" conversation.

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

Although U.S. -China relations have been rocky, Keqiang said he is optimistic both nations can work together in the spirit of mutual respect.

Just after the upbeat readouts of the Trump-Xi call, the Justice Department announced the latest in a list of actions against what the Trump administration calls China's cheating through intellectual property theft, unfair corporate subsidies and rules hampering USA corporations in China.

Tennessee Senator Lamar Alexander told the official the US and China are competitors not adversaries and suggested they can prosper together. 'But we have a chance to make a fair deal, because China has been hurting us and trade deals have been hurting us.

Trump asked key cabinet secretaries to have their staff draw up a potential deal to signal a ceasefire in an escalating trade conflict, the people said, adding that multiple agencies are involved in the drafting of the plan.

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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