U.S. and China optimistic on trade, plan talks at G20 summit

WASHINGTON DC- OCTOBER 31 US President Donald Trump, speaks while flanked by Director of the National Economic Council Larry Kudlow during an event for American workers in the State Dining Room of the White House

Trump is planning to meet Chinese leader Xi Jinping at the Group of 20 (G20) summit in Buenos Aires later this month. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina, ' he tweeted.

Trump said he and Xi also had "a good discussion on North Korea".

Trump has railed against the USA trade imbalance with China since his presidential campaign, and his administration has grown increasingly vocal about calling out alleged corporate espionage and intellectual property theft by Chinese entities. He said further meetings with Xi are being scheduled for the G-20 summit of the world's biggest economies, set for November 30 in Buenos Aires, the first ever such summit in South America. And they're having a hard time, and they'll be fine, ' Trump said Wednesday.

"Opec and other major producers appear to have gotten the message from US President Donald Trump and increased production, but there are still questions on how much will the sanctions actually impact Iranian exports", said National Australia Bank senior forex strategist Rodrigo Catril. The Chinese president also said he would like to meet Trump at the G20. It also fuelled speculation that Chinese Vice-Premier Liu He's trip to the U.S., which had originally been scheduled for September but was cancelled due to the escalation of the trade dispute, might be back in the cards.

White House economic adviser Larry Kudlow said that Trump and Xi might be able to break the logjam on issues during the summit.

But Mr Kudlow cautioned that Mr Trump would "aggressively" pursue his agenda against China, if no deals were reached on intellectual property theft, cyber security and tariffs on commodities, among other issues. 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.

"Frankly, the principal culprit is China", he said.

Washington's demands included opening up China further to US investments and abolishing the country's foreign-ownership caps.

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

Tensions have increased in recent months with USA officials accusing China of meddling in the U.S. midterm elections, conducting cyber espionage and military aggression. In response, Beijing said it would impose taxes on 5,207 U.S. imports worth about $60 billion.

Both the United States and China have sought to portray the personal relations between the two leaders as a source of stability in the relationship, and they have refrained from direct criticism of each other.

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