U.S. official denies report of possible China trade deal

To Trump's trade czar the key to boosting U.S. industry is playing hardball with China

In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.

President Donald Trump said Friday that he expects a budding US-China trade war to end with "a very good deal". "We have a new deal", he said adding that the U.S. is now negotiating with the European Union, which "has absolutely hurt" the United States.

"He wants to do it", Mr Trump said of Mr Xi. "They all want to do it".

"There's no massive movement to deal with China", Kudlow, the director of the National Economic Council, told CNBC.

It's been a wild ride this week for China's yuan, whipsawed as concern about a slowdown in the world's second-biggest economy gave way to optimism that trade tension with the USA may ease.

Tensions have increased in recent months with USA officials accusing China of meddling in the U.S. midterm elections, conducting cyber espionage and military aggression.

However, a senior Trump administration official on dismissed the report as untrue, a CNBC reporter said in a post on Twitter.

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President Donald Trump says his trade negotiations with China are going swimmingly, but his chief economic adviser says they're nowhere close to a deal.

Xi responded to the call by saying he hopes China and the USA will be able to promote a steady and healthy relationship, Chinese state media reported Thursday.

"The economic teams of the two countries should strengthen contact, conduct consultations on issues of mutual concern, and push for a mutually acceptable solution to China-US economic and trade issues", Xi said.

Both the United States and China have sought to portray the personal relations between the two leaders as a source of stability in the relationship, and they have refrained from direct criticism of each other. The depreciation has already led to a pickup in capital outflows, with Chinese demand for foreign-exchange surging the most since 2016 in September. "We talked about many subjects, with a heavy emphasis on Trade", he wrote. An early-December announcement of a new product list could make the effective date - after a 60-day public comment period - coincide with China's Lunar New Year holiday in early February. Earlier this year, the Trump administration imposed tariffs on $250 billion worth of Chinese goods, prompting Beijing to retaliate.

China has responded with retaliatory duties on $110-billion worth of USA goods.

"What they've done to our country is take out anywhere from $300 billion to $500 billion a year". Attorney General Jeff Sessions will announce a new initiative in response, according to a Justice Department official. "We are not on the cusp of a deal", Kudlow said.

Xi was quoted as saying after the call with Trump that they had hoped to expand trade cooperation.

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