Published: Sat, November 03, 2018
Money | By Bruce West

Donald Trump tweet, report of draft trade deal send Asia markets soaring

Donald Trump tweet, report of draft trade deal send Asia markets soaring

Attorney General Jeff Sessions, center, announces the creation of a new initiative to crack down on Chinese intelligence officials pilfering intellectual property from USA corporations during a press conference in Washington, Nov. 1, 2018.

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.

A telephone call between Presidents Xi Jinping and Donald Trump might have increased the possibility of a truce in the trade war, but the strategic dispute between Beijing and Washington is a long way from being resolved, according to a Chinese government adviser and other observers. -China Business Council in Beijing, said there were plenty of challenges that would require significant negotiations in advance of a meeting between Trump and Xi to ensure success. "They want to make a deal", Trump said Friday outside the White House. The depreciation has already led to a pickup in capital outflows, with Chinese demand for foreign-exchange surging the most since 2016 in September.

It comes ahead of a key meeting between Mr Trump and China's President Xi Jinping at the G20 summit this month.

Trump revealed Thursday that he had spoken with Xi on several subjects, but focused on trade.

"What they've done to our country is take out anywhere from $300 billion to $500 billion a year".

Trump also noted that talks have been progressing to the point where China seems more inclined to make a trade agreement and signaled the country may be feeling economic pressure.

On Thursday Chinese Premier Li Keqiang also told a group of visiting US 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. "President Xi Jinping also stressed that China-U.S. trade has always been serving as ballast and a stabilizer for China-US relations".

On Wednesday, U.S. Secretary of State Mike Pompeo said China was probably Washington's biggest long-term security challenge and the United States was engaged in a "multi-pronged effort.to convince China to behave like a normal nation on commerce" and respect worldwide law.

Fujian Jinhua Integrated Circuit Co and Taiwan's United Microelectronics Corp were indicted along with three individuals, the Justice Department said.

"Those discussions are moving along nicely", Trump wrote on Twitter Thursday.

The United States has targeted US$250 billion ($375.5b) in Chinese products, and Beijing has lashed back by slapping tariffs on US$110 million worth of USA goods. In response, Beijing said it would impose taxes on 5,207 United States imports worth about $60 billion.

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