China wants to ‘very badly’ strike a trade deal with US

World stock markets rally on news of Trump Xi talks

"We're not on the cusp of a deal".

Kudlow, who heads the White House's National Economic Council, added that Trump wasn't making a promise, but giving a "very important hypothetical".

ENERGY: Oil prices continued to weaken after the Department of Energy said USA crude stockpiles increased for the sixth straight week. And he has previously made concessions to USA adversaries that have drawn backlash from both Democrats and Republicans.

President Trump's comments came a day after a phone call with President Xi that he described as "very good". The decision was roundly lambasted in Congress. Beijing would be unwilling to risk jeopardising its improving relations with Pyongyang and as a result had "very few tools to work with", he said.

Xi also made clear the party's willingness to help clear up problems such as financing for entrepreneurs, said Lu.

And Trump's history of reneging on agreements is presumably well understood in Beijing. We changed it with Canada, South Korea. He backed out on a deal congressional Democrats said they struck with Trump to provide legal status to young undocumented immigrants.

Of course everyone would hope that we can continue to progress from trade tensions, but there is an air of caution that should still be used.

Isaac Boltansky, a policy analyst at the research and trading firm Compass Point, told Business Insider that the complexity of the issues the U.S. and China are discussing - intellectual property rights, Chinese laws restricting how United States companies can operate in the country, and more - make a deal hard.

Much remains unclear about Trump's posture toward China.

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China's latest economic indicators suggest the trade war is having a bigger and quicker impact on the economy than expected.

Trump imposed new tariffs on roughly half of Chinese imports this summer, while Beijing fired back with tariffs on most United States products.

Hong Kong enjoyed its best percentage gain since December 2011. It slumped 2.5 percent to $63.69 a barrel in NY.

Thursday's meeting was the first telephone conversation between the leaders in six months of which is openly reported.

The Trump administration also has taken action to hit the Chinese semiconductor industry, indicting two companies accused of stealing trade secrets and banning United States software and equipment exports to one of them.

Tensions have increased in recent months with U.S. officials accusing China of meddling in the USA midterm elections, conducting cyber espionage and military aggression. 1 summit of industrial and emerging market nations.

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 USA corporations in China.

Asian markets enjoyed another rally earlier after Trump hailed positive talks with Chinese President Xi Jinping and a report said he had asked officials to draw up a draft bill ahead of a potential trade deal.

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