Asian stocks rally on hope of US-China trade deal

President Donald Trump speaks during a campaign rally in Estero Florida

President Donald Trump speaks during a campaign rally in Estero Florida

Trump said that if a deal is not made with China, he could impose tariffs on another $267 billion in Chinese imports into the United States, adding that China's economy had "been hit very hard" by previous USA tariffs.

A US Embassy spokesperson said Thursday in Beijing that the Trump administration had no plans to send a high-level representative to the expo, adding that China needed to make the necessary reforms to end what the US says are unfair trade practices.

Xi told Chinese state media on Thursday that he was willing to meet Trump at the summit and hoped to promote a steady relationship. Trump complained for a long time about the trade deficit that the U.S. has with China and, among other things, wants the People's Republic to import more American goods. But Kudlow cautioned that Trump would "aggressively" pursue his agenda against China, if no deals were reached on intellectual property theft, cybersecurity and tariffs on commodities, among other issues.

However, the remarks come just hours after Trump's senior economic adviser Larry Kudlow said that the U.S. was "not on the cusp of a deal".

Discord has already arisen among Trump's trade team: USA trade representative Robert Lighthizer is opposed to a push for a deal at the G20, according to two of the people. "China wants to make a deal".

Disagreements on trade have "adversely affected" industries from both countries as well as global trade, Xi said.

Tokyo's benchmark Nikkei index surged 2.56 percent, while the broader Topix was up 1.64 percent, also on hopes of a breakthrough in US-China trade relations.

I spoke with President Xi (Jinping) yesterday.

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

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 U.S. goods trade deficit with China. -China Business Council in Beijing, said there were plenty of challenges that would require significant negotiations in advance of a meeting between Trump and Xi to ensure success.

China's efforts to get hold of American technology are "an existential threat" to the future of the US economy, according to US Trade Representative Robert Lighthizer.

Just this week, the USA government struck at the heart of China's ambitions to become a global tech powerhouse by banning American companies from exporting parts and software to a major Chinese state-owned maker of computer chips.

"China very much wants to make a deal..." The US also sued to stop the companies from exporting any products created using the trade secrets to America. Trump said trade talks were "moving along nicely" and that meetings were "being scheduled" at the G20 summit in Buenos Aires.

The idea that trade peace is about to break out and tariffs canceled is "far-fetched" given the sheer volume of potential conflicts that remain unresolved, including USA charging a Chinese firm of conspiring to steal secrets from US chipmaker Micron Technology Inc., Magnus added. If you look at their economy, the Chinese economy is not doing well.

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