China: Xi-Trump Phone Call ‘Extremely Positive’

Mae Love
November 4, 2018

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. According to Trump, a lot of progress has already been made to help resolve the dispute between the two superpowers.

"There's no massive movement to deal with China", Kudlow, the director of the National Economic Council, told CNBC. Trump has also threatened to extend the tariffs to all Chinese imports if the meeting in Argentina fails to produce "a good deal". "We talked about many subjects, with a heavy emphasis on Trade", Trump wrote in a post on Twitter.

The two countries already have imposed tariffs on hundreds of billions of dollars of each other's goods and Trump has threatened to slap tariffs on the remainder of China's $500 billion-plus exports to the United States if the disputes can not be resolved.

US President Donald Trump has exuded confidence of having a fair trade deal with China, warning further tariffs might follow it did not materialise.

Shi also said he thought China had only a limited role to play on the North Korea issue. And he has previously made concessions to US adversaries that have drawn backlash from both Democrats and Republicans.

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Earlier Friday, the Chinese foreign ministry said Trump and Xi had an "extremely positive" phone conversation on Thursday. "If the policy talks don't, it may deteriorate", Kudlow said. "But it will be a good deal for the United States".

A Chinese state-owned company was charged on Thursday with stealing technology from U.S. chipmaker Micron Technology Inc., part of a Justice Department crackdown against China in cases of suspected economic espionage. The Hang Seng Index rose 4.2 percent, the biggest gain since 2011, and the Shanghai Composite Index climbed 2.7 percent, posting a fourth day of gains for its longest winning streak since February.

The direct talks were the first between the two leaders to have been reported since May.

"We've had a very good discussions with China, we're getting much closer to doing something", Trump said before departing the White House for a campaign event.

The president added that he would have a dinner with Xi at the G20 summit, wherein they would be discussing the issue.

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