WASHINGTON/BEIJING-U.S. President Donald Trump and Chinese leader Xi Jinping, who spoke by telephone on Thursday, Nov. 1, expressed optimism about resolving their trade dispute ahead of a high-stakes meeting at the end of November in Argentina.
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 U.S. tariffs.
The US is preparing to announce by early December tariffs on all remaining Chinese imports if talks between Trump and Xi fail to ease the trade war, three people familiar with the matter said.
A Bloomberg report said the USA president had asked officials to begin drafting a potential trade agreement with China, citing unnamed sources.
Xi said the situation on the Korean peninsula has "undergone positive changes".
Trump said a deal with China would also be good for Beijing.
Trump has railed against the US 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.
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"We do hope that China and the United States will meet each other halfway and work together in the spirit of mutual respect and equality", Mr Li told Trump's fellow Republicans.
The United States has targeted $250 billion in Chinese products, and Beijing has lashed back by slapping tariffs on $110 million worth of US goods. "Some enterprises have more operational difficulties, and the long-term accumulated risks are exposed", Xinhua said, citing a Politburo meeting presided over by President Xi Jinping.
The positive comments from the leaders impacted on markets in Asia and Europe on Friday, as investors eyed an end to the prolonged trade dispute.
"Trump said the two countries have a chance to make a fair deal".
Shi also said he thought China had only a limited role to play on the North Korea issue.
"I hope teams from both sides can implement the agreements achieved by the two countries' leaders", the spokesperson said. It has to be approved by Congress. U.S. Trade Representative Robert Lighthizer told CNBC on Monday that the plan doesn't cap imports of light vehicles from Mexico but does leave steel and aluminum tariffs in place.
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. In response, Beijing said it would impose taxes on 5,207 U.S. imports worth about Dollars 60 billion.