Trump reports 'very good' phone call on trade with China's Xi

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Bloomberg reported that Trump is interested in reaching a trade agreement with Xi at the Group of 20 nations summit in Argentina later this month and has asked key US officials to begin drafting potential terms, citing people familiar with the matter. Trump also said he attaches importance to a good relationship with Xi and is willing to extend, through Xi, his good wishes to the Chinese people. He gave no indication whether they made progress on settling an escalating tariff war over Beijing's technology policy. "It's possible", said Kudlow, who worked as Reagan's budget deputy between 1981 and 1985.

The two leaders agreed the trade dispute "should be handled properly through substantial consultation", Lu said.

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. "But China very much wants to make a deal", he said. "We've had very good discussions with China, we're getting much closer to doing something", Trump said.

Trump is planning to meet Chinese leader Xi Jinping at the Group of 20 (G20) summit in Buenos Aires later this month.

China's foreign ministry on Friday said the call, which took place on Thursday, had been "extremely positive" and that the two leaders think they should enhance economic relations. Beijing also emphasized that bilateral trade is in principle beneficial for both parties.

The United States attaches importance to U.S.

"We've had very good discussions with China".

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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.

On Wednesday, US 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 global law.

"The Trump administration should not miscalculate China's tolerance for what they perceive as bullying tactics", he said.

President Donald Trump's steep tariffs on billions of dollars worth of Chinese products don't seem to be particularly effective at re-balancing trade.

In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.

"We will see what happens at the G20 and with Liu's talks, but I am not optimistic that anything momentous will come out of this", Zimmerman said.