Trump, Xi Speak Over Phone On Trade Issues

Trump, Xi Speak Over Phone On Trade Issues

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

What Happened: U.S. President Donald Trump has asked his Cabinet to draft a possible trade deal with China after a phone call with Chinese President Xi Jinping, Bloomberg reported November 1. They also agreed to meet on the sidelines of the Group of 20 summit meeting in Buenos Aires, Argentina, at the end of the month. For example, it's unknown whether he is considering relenting on his administration's hard line against China's theft of U.S. intellectual property, which one of the people said remains a key sticking point in any potential deal.

That tripartite agreement, Kudlow said, was very important, as it laid out the brief against non-market economies, such as China.

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

"This not only benefits our two countries but also benefits the whole world", he said.

The telephone conversation on Thursday was Trump and Xi's first publicly disclosed call in six months.

The US leader had been demanding sweeping changes to its policies on intellectual property, technology transfers, industrial subsidies and local market access. His critics say the trade pacts that he has so far completed, including a renegotiation of Nafta, represent little more than incremental improvements.

Earlier this week, prosecutors announced an indictment against 10 defendants, including two Chinese intelligence officers and other computer hackers and co-conspirators, who are all accused of breaking into American company computers to steal data on a turbo fan engine used in commercial jetliners. In response, Beijing said it would impose taxes on 5,207 United States imports worth about Dollars 60 billion.

Pompeo's comments were the latest slur to come out of Washington, which has accused Beijing of meddling in U.S. politics, conducting cyber espionage against aviation firms and hacking Trump's iPhone.

US President Donald Trump said Friday that he will likely make a deal with China on trade, adding that a lot of progress had been made to resolve the 2 countries' differences but warning that he still may impose more tariffs on Chinese goods. We're getting closer to something.

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

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