What Happened: U.S. President Donald Trump has asked his Cabinet to draft a possible trade deal with China after a phone call with Chinese President Xi Jinping, Bloomberg reported November 1. 1 summit of industrial and emerging market nations.
China's foreign ministry says a phone conversation between President Xi Jinping and his American counterpart, Donald Trump, about trade and other issues was "extremely positive". Both sides reported constructive discussions on North Korea and the trade, with Chinese state media saying that Trump supported "frequent, direct communication" between the presidents and "joint efforts to prepare for" the planned meeting on the sidelines of the Group of 20 summit. At a campaign rally in Columbia, Missouri, he later said "they want to make a deal".
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The Trump-Xi meeting would be the first since the two countries began hitting each other with import taxes earlier this year.
President Trump said that if a deal is not made with China, he could impose tariffs on another $267-B in Chinese imports into the United States, adding that China's economy had "been hit very hard" by previous U.S. tariffs.
Bloomberg reported on Monday that the Trump administration was preparing to announce tariffs on the remaining Chinese imports, about $257 billion worth, if the meeting fails to ease the U.S.
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Earlier Friday, the Chinese foreign ministry said Trump and Xi had an "extremely positive" phone conversation Thursday.
TRUMP and Xi Jinping expressed optimism ahead of meeting later this month in Argentina, with the U.S. leader saying his Chinese counterpart wants to make a deal to end an escalating trade war. "But China very much wants to make a deal", he said.
"We talked about many subjects, with a heavy emphasis on Trade".
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The two leaders agreed the trade dispute "should be handled properly through substantial consultation", Lu said.