Trump asks officials to draft possible trade deal with China

Changing China's economic model might ease external and domestic pressures on the economy

Changing China's economic model might ease external and domestic pressures on the economy

President Donald Trump said Thursday said trade discussions with China were "moving along nicely" and that he planned to meet with Chinese President Xi Jinping at the upcoming G-20 summit after a "very good" talk with his counterpart.

The two leaders agreed to "strengthen economic exchanges", said a ministry spokesman, Lu Kang.

"Those discussions are moving along nicely", Trump wrote on Twitter.

Trump administration officials have said that trade talks with China can not resume until it comes up with specific actions it is willing to take to meet United States demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

Though final decisions have not been made, US officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to the report.

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.

The two leaders agreed the trade dispute "should be handled properly through substantial consultation", Lu said. "We talked about many subjects, with a heavy emphasis on Trade", Trump tweeted.

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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. 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.

Chinese Premier Li Keqiang (right) speaks next to Tennessee Senator Lamar Alexander (second right) during a meeting with a group of US Republican senators and Congress members at Zhongnanhai leadership compound in Beijing on Thursday.

A Justice Department indictment targeted 2 companies based in China and Taiwan and 3 individuals, saying they conspired to steal trade secrets from U.S. semiconductor company Micron Technology Inc.

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

"The West feels comfortable that some kind of trade deal will get done, and that Xi will support the private sector", said Andy Wester, senior investment analyst at Proficio Capital Partners.

The two nations had already imposed tariffs on $50 billion of each other's goods before the September sanctions. And they're having a hard time, and they'll be fine, ' Trump said Wednesday. I think we have a long way to go.

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