President Donald Trump speaks during a campaign rally in Estero Florida

The two countries have imposed tariffs on hundreds of billions of dollars of each other's goods and Trump has threatened to extend the tariffs to the remainder of China's $500 billion-plus exports to the United States if the disputes can not be resolved.

Jacob Parker, vice president of China operations at the US-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.

Xi said he was "very happy" to talk to Trump again and attaches "great importance to good relations with the president", according to China's official Xinhua news agency. "We've had very good discussions with China", he told reporters.

The president's remarks helped USA stocks to trim their losses on a day that started with market optimism over a Bloomberg report quoting unnamed sources as saying that Trump had ordered his cabinet to draw up terms for a China trade deal.

Citing US officials, the article said Lighthizer had been arguing that the time was not ripe for negotiations because China had not yet felt the full brunt of the US tariffs imposed so far. At a campaign rally in Columbia, Missouri, he added: "They want to make a deal".


"He wants to do it", Trump said of Xi.

Washington introduced the duties in response to what it says are long-running, unfair trading practices by China, and Beijing has retaliated in kind. The maintenance came after months of increasing trade strains, with the U.S. introducing import tariffs on Chinese goods and the Asian country repeatedly with equal measures.

The US President underscored that he and Xi would try to resolve differences to end the brewing trade war between Washington and Beijing.

Trump had a "long and very good" telephone conversation with his Chinese counterpart on Thursday. The positive news also boosted onshore yuan holdings to two-week highs at RMB6.9294 to the dollar and offshore rates at roughly RMB6.9264.

"We are getting much closer to doing something", Trump said.


Xi was quoted by CCTV as saying after the call with Trump that the two leaders had hoped to expand trade cooperation. Suddenly, talks of 7.00 has nearly all but evaporated and the surge higher in the yuan here will continue to give added backing to gains seen in the aussie and the kiwi ahead of the United States jobs report later. He has also emphasized the need to reduce the US trade deficit with China. It also fuelled speculation that Chinese Vice-Premier Liu He's trip to the USA, which had originally been scheduled for September but was cancelled due to the escalation of the trade dispute, might be back in the cards.

China and the United States are locked in an increasingly bitter trade war, and have placed tariffs on some of each others' imports.

Trump said he and Xi plan to meet during a gathering of the Group of 20 major economies this month in Argentina.

Trump's posture toward China has been closely watched by investors, who are looking for the possibility of tensions cooling.


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