Markets surge as Trump tweet lifts trade hopes

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

Though final decisions have not been made, US officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to the report.

Asian stocks rose sharply on Friday on hopes of a trade deal between the United States and China.

Still, investors cheered the resumption of dialogue and a report that Trump was taking steps to resolve the tariff war, with shares in Asia hitting three-week highs on today and the dollar softening.

In the phone call with Trump, Xi also said he and Trump hoped to expand bilateral trade cooperation, he was quoted as saying on CCTV state television.

But Bloomberg later reported that the phone call - in which Trump and Xi both expressed optimism about resolving their bitter trade disputes - prompted Trump to ask officials to begin drafting potential terms.

Trump said the two countries have a chance to make a fair deal.

"The two countries" trade teams should strengthen contact and conduct consultations on issues of concern to both sides, and promote a plan that both can accept to reach a consensus on the China-U.S. trade issue, ' Xi said.

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Trump administration officials have said that trade talks with China can not resume until Beijing comes up with specific actions it is willing take to meet United States demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

Earlier this year, the Trump administration imposed tariffs on $250 billion worth of Chinese goods, prompting Beijing to retaliate.

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.

"What negotiations have lacked to date has been that (presidential) level of engagement". Washington, Europe and other trading partners say those violate China's market-opening obligations and some American officials worry they might erode US industrial leadership. Trump administration officials have said that trade talks with China can not resume until Beijing comes up with specific actions it is willing take to meet United States demands for sweeping changes to policies on technology transfers, industrial subsidies and market access. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina, ' he tweeted.

In recent months China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind.

Trump said he and Xi also had "a good discussion on North Korea".

The US and China's tit-for-tat tariffs on each other's goods have rumbled on for months as Trump pledges to help create more US manufacturing jobs.

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