USA and China optimistic on trade, plan talks at G20 summit

USA and China optimistic on trade, plan talks at G20 summit

USA and China optimistic on trade, plan talks at G20 summit

"I agree, this phone conversation was an extremely positive phone conversation", Lu said at a regular briefing.

The positive comments from the leaders impacted on markets in Asia and Europe on Friday, as investors eyed an end to the prolonged trade dispute.

But within hours of the upbeat assessments, the US Justice Department took aim at another Chinese firm it accused of unfair practices, part of an across-the-board pressure campaign by the Trump administration targeting Beijing.

US President Donald Trump said Thursday he had "very good" talks with Chinese leader Xi Jinping on the trade conflict between the two economic giants, and meetings were being planned at the G20 summit at the end of this month.

Trump and Xi are expected to meet later this month on the sidelines of the Group of 20 summit in Argentina.

"Although China and U.S. relations have had their share of ups and downs, generally speaking, they have moved forward in the past four decades", Li said.

The fight with U.S. President Donald Trump has added to pressure on communist leaders to rev up economic activity that has weakened since Beijing clamped down on bank lending past year to rein in surging debt.

Disagreements on trade have "adversely affected" industries from both countries as well as global trade, Xi said.

The leaders of the world's two largest economies made the remarks after their first publicly disclosed telephone conversation in nearly six months. The United States has targeted $250 billion in Chinese products, and Beijing has lashed back by slapping tariffs on $110 million worth of USA goods.

Just after the upbeat readouts of the Trump-Xi call, the Justice Department announced the latest in a long list of actions against what Trump administration calls China's cheating through intellectual property theft, unfair corporate subsidies and rules hampering U.S. corporations in China. His critics say the trade pacts that he has so far completed, including a renegotiation of Nafta, represent little more than incremental improvements. But just this week, we indicted 10 Chinese for stealing intellectual property.

Despite the promise offered by the Trump-Xi telephone call, the level of tension between the two nations was demonstrated just hours after it ended when the United States filed charges against Chinese technology firm Fujian Jinhua Integrated Circuit Co and its Taiwanese partner. It is not yet clear, however, if Trump reduced his demands on China or if Beijing offered additional trade concessions. "Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina".

But Trump has not "set in stone" any decisions on escalating tariffs on Chinese goods and may withdraw some duties if there are promising policy discussions with China, White House economic adviser Larry Kudlow said on Wednesday.

Earlier on Thursday, Chinese Premier Li Keqiang told a group of visiting U.S. politicians that China and the United States could overcome their differences and get relations back on track if they worked together in a spirit of mutual respect.

US President Donald Trump is convinced that the United States and China can come to a deal about their trade dispute.

"In this way, our two countries will be able to overcome differences and have the wisdom to overcome the obstacles and move our relationship forward on an even sounder track".

Related news