Published: Sun, November 04, 2018
Business | By Eloise Houston

Trump Confident of Fair Trade Deal with China

Trump Confident of Fair Trade Deal with China

Trump had a "long and very good" telephone conversation with his Chinese counterpart on Thursday.

"Just had a long and very good conversation with President Xi Jinping of China", said Trump on his official Twitter account, reports Efe.

The ruling party needs to nurture conditions to "let the private economy create vitality", said Xi in a speech Thursday to a group of entrepreneurs, according to the official Xinhua News Agency.

"The sound and stable growth of China-U.S. relations serves the common interests and the fundamental interests of the people of our two countries", Li said.

The direct talks were the first between the two leaders to have been reported since May. Washington, Europe and other trading partners say those violate China's market-opening obligations and some American officials worry they might erode US industrial leadership.

Earlier, the White House's top economic adviser, Larry Kudlow, said the United States and China were not close to a deal to resolve their trade differences, and he was less optimistic than previously that such an agreement would come together. But Kudlow cautioned that Trump would "aggressively" pursue his agenda against China, if no deals were reached on intellectual property (IP) theft, cybersecurity and tariffs on commodities, among other issues.

A Justice Department indictment targeted two companies based in China and Taiwan and three individuals, saying they conspired to steal trade secrets from U.S. semiconductor company Micron Technology Inc.

Trump also voiced his support for the China International Import Expo (CIIE) to be held from November 5-10 in Shanghai, which is the first of its kind in China.

The world's two biggest economies are locked in a dispute over USA complaints that China is using predatory tactics in a drive to supplant American technological dominance. "Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina".

Speaking at a meeting with a group of visiting United States congressmen led by Republican Senator Lamar Alexander of Tennessee, Premier Li Keqiang said he hoped the two sides "will meet each other halfway and work together in the spirit of mutual respect and equality".

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

Meeting a group of Republican lawmakers in Beijing, China's Li noted the China-US relationship's "ups and downs" over the past four decades of diplomatic ties.

"We do hope that China and the United States will meet each other halfway and work together in the spirit of mutual respect and equality", he added.

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