China Premier Li Keqiang is optimistic on US-China relations

World stock markets rally on news of Trump Xi talks

World stock markets rally on news of Trump Xi talks

Kudlow believes China is getting isolated in the ongoing trade war, as the United States, Japan, and the European Union officials met in September in NY on the sidelines of the U.N. General Assembly and reached a deal to tackle China's unfair trade practices.

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

The two leaders agreed the trade dispute "should be handled properly through substantial consultation", Lu said. Trump administration officials have said that trade talks with China can not resume until Beijing comes up with specific actions it is willing take to meet U.S. demands for sweeping changes to policies on technology transfers, industrial subsidies and market access. Beijing would be unwilling to risk jeopardising its improving relations with Pyongyang and as a result had "very few tools to work with", he said.

The announcement gave hope that any trade resolution later this month would result in China dropping its additional 25% import tariff on soybeans bought from the US.

Asian shares got off to a strong early start on news of the leaders' phone call and following a stronger close on Wall Street overnight.

The US president said talks were "moving along nicely" and that he planned to meet with Xi on the sidelines of the G20 summit at the end of November in Argentina.

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Meanwhile in an interview, Secretary of State Mike Pompeo said China was the most important long-term strategic challenge for the US.

This comes shortly after the news yesterday that President Trump was quoted as saying that he and President Xi had a "long and very good" conversation while indicating in a Tweet that USA and China discussions on trade were progressing. "But it will be a good deal for the United States".

"It is possible some good positive things could - I say could - come out of President Trump-President Xi talks". This would also be seen as a major threat to the United States dollars rally, meaning that this is the potential card to help encourage a jump in other currencies around the world, especially those in emerging markets.

"We have the capability and the wisdom to overcome barriers and push China-U.S. relations back to a normal track - this isn't just beneficial for both countries, but also the world".

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. He backed out on a deal congressional Democrats said they struck with Trump to provide legal status to young undocumented immigrants. Trump has also threatened to extend the tariffs to all Chinese imports if the meeting in Argentina fails to produce "a good deal". I think we have a long way to go.

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