Trump, Xi upbeat on ending trade war

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

The Trump administration has been imposing tariffs on various countries, including China, claiming that the United States was "being treated unfairly in trade" and accusing Beijing of "stealing intellectual property".

In comments to state media, Xi said he hoped China and the United States would be able to promote a steady and healthy relationship, and that he was willing to meet with Trump in Argentina.

Bloomberg later reported, citing people familiar with the matter, that Trump wants to reach a trade agreement with China at the G20 meeting and that after the call with Xi he had asked officials to begin drafting potential terms.

This comes shortly after the news yesterday that President Trump was quoted as saying that he and President Xi had a "long and very good" conversation while indicating in a Tweet that U.S. and China discussions on trade were progressing. 'But we have a chance to make a fair deal, because China has been hurting us and trade deals have been hurting us.

Peter Navarro, director of the National Trade Council within the White House, struck a similar wait-and-see note on Saturday about the Trump-Xi meeting.

"There was the belief overnight that we were close to a trade deal with China and now it looks like that is not the case".

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The yuan is continuing to push forward with gains against the greenback as talks of a US-China trade resolution continues to fuel the rally seen in the past two days.

Yesterday, Trump and Xi spoke by telephone in what both sides described as an positive call. The indictment also names United Microelectronics, a Taiwan-based chipmaker, in what Attorney General Jeff Sessions said was "brazen scheme" to steal secrets worth up to $8.75 billion. Trump said on Twitter that talks were "moving along nicely".

A Chinese state-owned company was charged on Thursday with stealing technology from USA chipmaker Micron Technology Inc., part of a Justice Department crackdown against China in cases of suspected economic espionage.

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

Trump revealed Thursday that he had spoken with Xi on several subjects, but focused on trade. He said China wanted to make a deal, adding, "They are not doing well". Suddenly, talks of 7.00 has nearly all but evaporated and the surge higher in the yuan here will continue to give added backing to gains seen in the aussie and the kiwi ahead of the U.S. jobs report later. Trump has also threatened to extend the tariffs to all Chinese imports if the meeting in Argentina fails to produce "a good deal".

Washington and Beijing are in an increasingly high-stakes standoff over Trump's aggressive move to end what he says have been years of unfair trade practices by China, including rampant intellectual property theft, forced technology transfers and market access barriers.

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