Asian markets soar on hopes of end to US-China trade war

Asian markets soar on hopes of end to US-China trade war

Both Trump and Chinese President Xi Jinping are due to attend the G20 summit in Argentina which starts at the end of this month, and could hold talks there. The Trump administration this year has already imposed tariffs on $250 billion in trade with China and is threatening to impose tariffs on all remaining imports from China, which last year were worth $505 billion.

Bloomberg's Enda Curran reports on "Bloomberg Daybreak: Asia".

In comments to state media, Mr Xi expressed his hopes for a trade deal and said he was willing to meet with Mr Trump in Argentina.

"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.

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.

This week, prosecutors announced an indictment against 10 defendants, including two Chinese intelligence officers and other computer hackers and co-conspirators, who are all accused of breaking into American company computers to steal data on a turbo fan engine used in commercial jetliners.

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Washington, Europe and other trading partners said those violate China's market-opening obligations and some American officials worry they might erode USA industrial leadership. "We have a new deal", he said adding that the USA is now negotiating with the European Union, which "has absolutely hurt" the United States. He said further meetings with Xi are being scheduled for the G-20 summit of the world's biggest economies, set for November 30 in Buenos Aires, the first ever such summit in South America.

But Trump struck a more affable tone on Twitter after the phone call with Xi.

U.S. President Donald Trump has long threatened to impose tariffs on all $500 billion-plus goods imports from China if Beijing fails to meet his demands for sweeping changes to its policies on intellectual property, technology transfers, industrial subsidies and local market access.

'We talked about many subjects, with a heavy emphasis on Trade.

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

"While we are still cautious over a full resolution of recent tensions in the medium term, resumption of dialogue between Washington and Beijing would be good enough to investors for now", he told Bloomberg.

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