Trump predicts USA will reach a trade deal with China

Changing China's economic model might ease external and domestic pressures on the economy

President Xi Jinping sought to reassure Chinese entrepreneurs at a meeting yesterday with promises to prop up private firms with lower taxes and more funding, as he acknowledged uncertainty in China's economy. 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. Washington, Europe and other trading partners say those violate China's market-opening obligations and some American officials worry they might erode U.S. industrial leadership.

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

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

The news comes as the volatile trade relations weigh in on the U.S. stock market, with stocks taking a turn after a rally in world equity markets came to a close and gains reversed on Wall Street. They very much want to make a deal. Trump's comments came a day after a phone call with Xi that he described as "very good.".

Trump has asked key Cabinet secretaries to have their staff begin drafting potential terms of a deal to stop the escalating trade dispute with Beijing, four people familiar with the matter said.

The US also sued to stop the companies from exporting any products created using the trade secrets to America.

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.

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In recent months China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind.

The pound dipped but held most of its gains after a report that British Prime Minister Theresa May had reached a post-Brexit deal with Brussels securing access to the European Union for Britain's key finance sector.

These include outright cybertheft and forcing US companies to hand over trade secrets as the price of admission to the Chinese market.

"It is now clear what adjustments we should make and what we should adhere to", Lu said.

Investor optimism does not seem to based on reality: In this news clip, CNBC cites a "White House senior official" who says there is still a "long way to go for a U.S".

The United States has already imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods.

The United States has imposed tariffs on $250 billion worth of Chinese goods so far, while China has retaliated with $110 billion worth of tariffs on USA goods.

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