ibusinesslines.com December 11, 2018

China says Xi-Trump phone call ‘extremely positive’

03 November 2018, 02:46 | Kelvin Horton

China says Xi-Trump phone call ‘extremely positive’

China says Xi-Trump phone call ‘extremely positive’

"We talked about many subjects, with a heavy emphasis on Trade", said Trump.

"The economic teams of the two countries should strengthen contact, conduct consultations on issues of mutual concern, and push for a mutually acceptable solution to China-US economic and trade issues", Xi said.

Xi said Thursday after speaking with Trump that he hopes China and the United States will be able to promote a steady and healthy relationship, Chinese state media reported.

Chinese president Xi Jinping and his U.S. counterpart Donald Trump agreed that trade dispute "should be handled properly through substantial consultation".

The possibility of progress helped stocks rally overnight. 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.

The US leader wants to maintain United Nations sanctions and pressure to compel Pyongyang to abandon its nuclear program, even as he prepares for a second summit with North Korean leader Kim Jong Un.

The two countries have been locked in an escalating trade battle, with each side imposing tariffs on billions of dollars worth of imports from each side.

Given that tariffs are generally inflationary and bad for economic growth, investors have not been particularly pleased with the idea of a drawn-out trade war - or the possibility of more tariffs.

The markets were already buoyant after Beijing said it would introduce measures to kickstart the stuttering economy following a string of weak data, including growth at its slowest pace in nine years during the third quarter. "Ultimately, actions speak louder than words and all of the actions of the Administration indicate a continued fight, making it harder for a near-term resolution".

Trump also offered to host a "Western-style" dinner for Xi on December 1, after the G20 leaders' meeting, an invitation that Beijing had tentatively accepted, people familiar with the matter told the South China Morning Post.

Giving credence to the idea that the thaw in relations may be a short-term stunt are the actions of almost every other part of Trump's administration.

Kudlow believes that an economic downturn in China will have "very modest effect" on the USA economy and small businesses.

But Larry Kudlow, Trump's top economic adviser, sounded a more cautious note on CNBC Friday.

Alexander said he would be discussing trade with Li, though neither of them mentioned the ongoing tariff war in remarks in front of reporters.

"I know they want to make a deal", Trump said.

"If we can open up China and make it fair, for the first time ever - this should have done years ago by other presidents but it wasn't - I am very much willing to do it". No, you're not ready. "No, '" Trump said at the White House on October 26. "I told him, 'You're not ready yet'".

Given the speed of Trump's turnaround, Boltansky said he also believed the sudden surge in Trump's optimism was possibly a political play. "We're not on the cusp of a deal".

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