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

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US President Donald Trump and Chinese President Xi Jinping have expressed optimism about resolving their bitter trade disputes ahead of a high-stakes meeting planned for the two leaders at the end of November in Argentia.

The Chinese and United States sides reported that the leaders had constructive discussions on North Korea and trade, and Chinese media said that Trump supported "frequent, direct communication" between the presidents and "joint efforts to prepare for" their meeting at the G20 summit.

"President Xi Jinping also stressed that China-U.S. trade has always been serving as ballast and a stabilizer for China-U.S. relations". We talked about many subjects, with a heavy emphasis on Trade.

Xinhua, China's state news agency, reported on Friday that Mr Trump had told the Chinese leader that "he looks forward to meeting Xi during the G-20 summit so they can have an in-depth discussion about some major issues".

President Trump has made very clear to China that they must change their "unfair" trade practices including theft of USA intellectual property.

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.

Bloomberg later reported, citing people familiar with the matter, that Trump wants to reach a trade agreement with China at the G20 meeting and that after the call with Xi he had asked officials to begin drafting potential terms.

"We have the capability and the wisdom to overcome barriers and push China-U.S. relations back to a normal track - this isn't just beneficial for both countries, but also the world".

Xi was quoted by CCTV as saying after the call with Trump that the two leaders had hoped to expand trade cooperation. "China does not want to see this", he said, according to Xinhua.

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Trump has imposed penalty tariffs of up to 25 per cent on $250 billion USA of Chinese goods in a dispute over Beijing's plans for state-led development of technology industries.

"He wants to do it", Trump said of Xi.

'We're going way up, and China has been hurt over the last number of months.

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

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 convince China to behave like a normal nation on commerce" and respect worldwide law.

Trump warned that if China doesn't "treat us fairly, we're not going to treat them fairly" in remarks at an event for American workers at the White House.

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

The United States has imposed tariffs on US$250 billion worth of Chinese goods, with duties on US$200 billion of the total set to increase to 25 per cent from 10 per cent on Jan 1, 2019.

"I hope that China and the USA will meet each other halfway and will appropriately handle their differences with mutual respect and equal cooperation", stated the Chinese premier.