Asian markets soar on hopes of end to US-China trade war

"Just had a long and very good conversation with President Xi Jinping of China". As reported by our site with reference to Voice of America, this statement was made by the President during a conference at the White house.

The two countries have been locked in an escalating trade war this year, with each side imposing tariffs on hundreds of billions of dollars' worth of imports from the other.

The news comes as the volatile trade relations weigh in on the United States stock market, with stocks taking a turn after a rally in world equity markets came to a close and gains reversed on Wall Street.

However, a senior Trump administration reportedly denied that Trump was preparing to make a deal, a CNBC journalist said in a Twitter post on Friday.

President Donald Trump tweeted on Thursday that he had a "good conversation" with Chinese President Xi Jinping.

"The sound and stable growth of China-U.S. relations serves the common interests and the fundamental interests of the people of our two countries", Li said.

Asian markets then added to their gains after Bloomberg News reported that Trump has asked United States cabinet officials to draft a possible trade deal with China ahead of a planned meeting with Xi at the G20 leaders summit in Buenos Aires later this month.

Trump told reporters before leaving the White House that the U.S. is "close to doing something" with China to ease the ongoing trade war between the two countries.

Trump has threatened to impose tariffs on another $267 billion in Chinese imports - a move that would cover virtually everything China ships to the United States.

"Opec and other major producers appear to have gotten the message from US President Donald Trump and increased production, but there are still questions on how much will the sanctions actually impact Iranian exports", said National Australia Bank senior forex strategist Rodrigo Catril.

He adds that any deal reached must be "fair".

"We will see what happens at the G20 and with Liu's talks, but I am not optimistic that anything momentous will come out of this", Zimmerman said.

Fujian Jinhua Integrated Circuit and Taiwan's United Microelectronics were indicted along with three individuals, the U.S. justice department said.

Meeting a group of Republican senators and one congresswoman in Beijing, Li said that over the past four decades of diplomatic ties, the China-U.S. relationship has had its "share of ups and downs".

The world's two biggest economies are locked in a dispute over US complaints that China is using predatory tactics in a drive to supplant American technological dominance.

  • Eleanor Harrison