Soybeans soar on Trump, Xi tweet trade talk

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President Donald Trump looked to quell market jitters over escalating tariff war tensions with Beijing last night, after telling reporters that a trade deal between the USA and China is getting nearer. The conversation was mainly about trade, but also about North Korea.

Kudlow said there was no specific trigger point for a decision to impose more tariffs on Chinese goods.

The president's comments reflect the party's commitment to improved conditions for entrepreneurs is "vitally important", said economist Lu Zhengwei of Industrial Bank.

Xi said both he and Trump have good visions for a healthy, stable development of the China-U.S. relations as well as expanding economic and trade cooperation, and they should make efforts to realize the wishes.

"Frankly, the principal culprit is China", he said. It is viewed as a negative for the Dollar, considering that one of the reasons for prolonged Dollar strength over the past six months or so was because of the Dollar appeal in light of trade tensions, so further indications of progress in US-China trade talks would be seen as encouragement for traders to drive the Dollar lower from its new 2018 high just a few days ago.

Despite the promise offered by the Trump-Xi telephone call, the level of tension between the two nations was demonstrated just hours after it ended when the U.S. filed charges against Chinese technology firm Fujian Jinhua Integrated Circuit Co and its Taiwanese partner.

"We're going to be fine regardless of what happens in Argentina", Navarro said, adding that trade talks with China are "more difficult" than those with other countries ranging from Japan to Canada.

China and the United States should work together to get their relations back on track, China's premier said in Beijing on Thursday, ahead of the U.S. midterm elections and a possible meeting between presidents Xi Jinping and Donald Trump.

His comments came a day after US Secretary of State Mike Pompeo said China should "behave like a normal nation on commerce and with respect to the rules of global law".

However, "policy talks" will determine whether he imposes additional duties, "not an arbitrary timeline", said Kudlow, who served as the Trump campaign's senior economic adviser.

Trump had earlier said on Twitter that he held a "very good" conversation with the Chinese president "with a heavy emphasis on trade".

Meeting a group of Republican lawmakers in Beijing, China's Li noted the China-U.S. relationship's "ups and downs" over the past four decades of diplomatic ties. 1 summit of the Group of 20 nations.

James Zimmerman, a partner with the Beijing office of law firm Perkins Coie and former chairman of the American Chamber of Commerce in China, questioned Trump's sincerity with regards to a possible trade deal. He backed out on a deal congressional Democrats said they struck with Trump to provide legal status to young undocumented immigrants.

Washington and Beijing have been locked in a trade war since July, slapping tariffs of up to 25 per cent on imports of each other's products. Trump has also threatened to impose tariffs on all remaining goods imports from China, which a year ago were worth $505 billion. "I think only they can break the logjam".

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