Trump seeks deal with Xi this month

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

The telephone conversation on Thursday was Trump and Xi's first publicly disclosed call in six months. -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.

China's official Xinhua News Agency said that Xi accepted the call at Trump's invitation.

The commodity has lost around 15 percent from four-year highs at the start of last month as Russian Federation and OPEC said they would bolster output and dealers grew concerned about the impact on demand from a trade war between China and the US.

Xi responded to the call by saying he hopes China and the US will be able to promote a steady and healthy relationship, Chinese state media reported Thursday.

A Bloomberg report said the U.S. president had asked officials to begin drafting a potential trade agreement with China, citing unnamed sources.

The possible warming of relations comes after months of escalating tensions over trade that are threatening to spill into other areas of disagreement, including freedom of navigation in the South China Sea.

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

In the phone call with Trump, Xi also said he and Trump hoped to expand bilateral trade cooperation, he was quoted as saying on CCTV state television.

Disagreements on trade have "adversely affected" industries from both countries as well as global trade, Xi said. "We talked about many subjects, with a heavy emphasis on Trade", he wrote.

On Thursday, the USA accused a Chinese state-owned company of conspiring to steal trade secrets of U.S. chip maker Micron Technology as part of a Justice Department crackdown against China in cases of alleged economic espionage.

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

Both sides reported that they had constructive discussions on North Korea and trade, with Chinese state media saying that Mr 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, which is scheduled to take place from from Nov 30 to Dec 1.

A Justice Department indictment targeted two companies based in China and Taiwan and three individuals, saying they conspired to steal trade secrets from US semiconductor company Micron Technology Inc. He said China wanted to make a deal, adding, "They are not doing well".

Earlier this week, Trump said he thought there would be "a great deal" with China on trade, but warned that he had billions of dollars worth of new tariffs ready to go if a deal did not materialize.

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

China has responded with retaliatory duties on $110-billion worth of US goods.

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