China’s Xi promises tax cuts, other help to entrepreneurs

Asian stocks rally on hope of US-China trade deal

US President Donald Trump said on Friday that he will likely make a deal with China on trade, adding that a lot of progress had been made to resolve the two countries' differences but warning that he still may impose more tariffs on Chinese goods.

Xinhua, China's state news agency, reported on Friday that Trump had told the Chinese leader that "he looks forward to meeting Xi during the G20 summit so they can have an in-depth discussion about some major issues". Unlike many other news organizations, we have not put up a paywall.

He said Trump said in a recent interview that if there are "promising policy discussions, I don't know about a full fledged deal, but if things go well, maybe some tariffs get withdrawn and maybe not". Trump complained for a long time about the trade deficit that the U.S. has with China and, among other things, wants the People's Republic to import more American goods. "We're getting much closer to doing something", Trump said.

The G20 summit will take place from November 30 to December 1. 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.

"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. "We are not on the cusp of a deal", Kudlow said.

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.

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The leaders of the world's two largest economies made the remarks after their first publicly disclosed telephone conversation in nearly six months.

For its part, Beijing has imposed tariffs on $110bn worth of United States goods.

Lu Xiang, a specialist on United States affairs at the Chinese Academy of Social Sciences, said that Beijing had been preparing for a "worse than the worst" confrontation with the USA, and added that any further escalation would be fatal to an already highly volatile U.S. stock market.

Earlier this week, prosecutors announced an indictment against 10 defendants, including two Chinese intelligence officers and other computer hackers and co-conspirators, who are all accused of breaking into American company computers to steal data on a turbo fan engine used in commercial jetliners. He backed out on a deal congressional Democrats said they struck with Trump to provide legal status to young undocumented immigrants.

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. That came after manufacturing surveys showed factory activity and export orders weakening across Asia as the impact of the trade war deepened.

The list would apply to imports from China that aren't already covered by previous rounds of tariffs, which may be $257 billion using last year's import figures, Bloomberg reported, citing people familiar with the matter. So talking about ending the battle could help Trump boost the market, which the president has made a key barometer of his success.

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