China says Xi-Trump phone call ‘extremely positive’
China says Xi-Trump phone call ‘extremely positive’
Chinese tech stocks are going bananas after Trump said he had a 'good conversation' with Xi Jinping on trade
03 November, 2018, 23:48
"If a Trump-Xi deal at the G20 Summit can set the broad framework for renewed bilateral trade negotiations, it may help the global trading system avert the abyss of an escalating US-China trade war in 2019", said Rajiv Biswas, Asia Pacific chief economist at IHS Markit in Singapore. As reported by our site with reference to Voice of America, this statement was made by the President during a conference at the White house.
Foreign ministry officials in Beijing said Xi had and "extremely positive" phone conversation with Trump about trade and other issues.
"We'll make a deal with China, and I think it will be a very fair deal for everybody", Trump said before boarding the Marine One helicopter on his way to a campaign rally in West Virginia.
"We're doing a normal, routine run-through of things we already put together and normal preparation", Kudlow said on CNBC Friday.
Gains were also fuelled by Chinese president Xi Jinping's promise to support private investment on Thursday.
Chinese tech stocks traded in the USA are surging Thursday after President Donald Trump said he had a good trade talk with Chinese President Xi Jinping.
Trump has imposed penalty tariffs of up to 25 per cent on $250 billion of Chinese goods in a dispute over Beijing's plans for state-led development of technology industries. Trump's comments came a day after a phone call with Xi that he described as "very good.".
However, the remarks come just hours after Trump's senior economic adviser Larry Kudlow said that the United States was "not on the cusp of a deal".
Lu Xiang, a specialist on U.S. affairs at the Chinese Academy of Social Sciences, said that Beijing had been preparing for a "worse than the worst" confrontation with the United States, and added that any further escalation would be fatal to an already highly volatile USA stock market.
"The issues driving the China-US trade tensions are complicated and contentious, which makes it incredibly hard to believe that substantive progress was made during this phone call", Boltansky said. 'But we have a chance to make a fair deal, because China has been hurting us and trade deals have been hurting us.
Trump intends to negotiate with China.
US President Donald Trump and Chinese President Xi Jinping have expressed optimism about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentia.
"At best, the parties are negotiating about negotiating and we are still miles from a deal", Boltansky said.
Although U.S. -China relations have been rocky, Keqiang said he is optimistic both nations can work together in the spirit of mutual respect.
"As the president said, we would like to talk to them about it, but they may not be ready".
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