Soybeans soar on Trump, Xi tweet trade talk

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The leaders of the world's two largest economies made the remarks after their first publicly disclosed telephone conversation in nearly six months. "Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina".

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.

However, "policy talks" will determine whether he imposes additional duties, "not an arbitrary timeline", said Kudlow, who served as the Trump campaign's senior economic adviser. "They all want to do it".

He adds that any deal reached must be "fair".

Asian shares got off to a strong early start on news of the leaders' phone call and following a stronger close on Wall Street overnight.

President Donald Trump's newfound zeal to resolve his trade war with China risks hitting some familiar obstacles, including himself. Asian stocks built on the best weekly rally since September on Friday, with South Korean and Japanese stocks leading the advance.

"This is pre-election hype created to make the markets happy; there is no imminent deal with China", Greg Valliere, the chief global strategist at Horizon Investments, told Business Insider.

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"I think we'll make a deal with China", Trump said. The conversation was mainly about trade, but also about North Korea.

Meanwhile in an interview, Secretary of State Mike Pompeo said China was the most important long-term strategic challenge for the US. We need that to be fair and reciprocal with them.

Trump administration officials have said US-China trade talks can not resume until Beijing outlines specific actions it would take to meet US demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

"China has been hurting us and trade deals have been hurting us", he said, adding that his administration is changing all those trade deals.

The US levied tariffs of 10 per cent on Dollars 200 billion of Chinese products in September, with the rate set to increase to 25 per cent by the end of the year. Attorney General Jeff Sessions will announce a new initiative in response, according to a Justice Department official.

His administration has demanded that Beijing make sweeping changes to its policies on intellectual property protections, technology transfers, industrial subsidies and domestic market access, along with steps to reduce a $375 billion USA goods trade deficit with China.

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