Xi urges self-reliance in New Year's Eve address

The US and China have been engaged in a trade war for most of 2018

The US and China have been engaged in a trade war for most of 2018

President Trump said he had a "very good call" on trade with China's Xi Jinping on Saturday, claiming that "big progress" was being made on this front, while the latter said both sides wanted "stable progress".

The Trump administration's widening trade war will raise prices for USA consumers, but it won't bring back many manufacturing jobs that have moved overseas. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. "Great progress!", Trump wrote.

In the same year, late paramount leader Deng Xiaoping, often credited with China's "Reform and Opening" policy which led to its economic transformation, met USA president Jimmy Carter in the United States.

So far, Washington has imposed tariffs of up to 25 percent on $250 billion of Chinese imports - or about half the goods it imports from China each year - in response to Beijing's alleged intellectual property and technology theft, as well as other trade complaints.

According to Xinhua, Mr Trump praised the last four decades of diplomacy between China and the U.S., hailing his "solid friendship" with the Chinese leader.

Xi and Trump had a telephone conversation last week, during which both expressed hope that the two countries, which are working hard to implement the consensus reached between them during the leaders' meeting in Argentina on Dec 1, will reach an agreement beneficial to both and the entire world.

Trump sent his own congratulatory message in return, saying that it was his priority to promote constructive relations, Xinhua reported.

China is willing to work with the United States to summarize the experience of 40 years of the development of China-U.S. relations, and strengthen exchanges and cooperation in fields of economy and trade, military, law enforcement, anti-drug operations, local issues and culture, Xi said.

Trump initiated trade war complaining the unfair trade practices by China. The White House, which typically doesn't release details of Trump's calls with foreign leaders beyond what the president reveals himself, didn't respond to a request for comment.

China on Sunday urged the U.S. to take more objective view of its pledge to take measures to bring down the bilateral trade deficit and said that the two countries should enhance strategic mutual trust and avoid "strategic mis-judgement". He is seeking reduction in U.S. trade deficit and bring deeper reforms.

Last week, Beijing's commerce ministry said China and the United States "made new progress" on the issues of trade balance and intellectual property during a phone call between officials from the two countries.

For his part, Trump said two weeks ago that his country could soon reach a trade agreement with China.

Resolving the bruising spat could help shore up confidence in the Chinese economy, which itself is bracing for a slowdown.

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