Asian shares have surged on reports that Donald Trump wants to reach an agreement with Chinese president Xi Jinping about the trade dispute that has dogged markets for months. In a Fox News interview he said the United States is "not dependent on China economically".
"I spoke with President Xi (Jinping) yesterday. If President Trump makes an agreement with President Xi, there is nobody above them to overturn it", he said.
"I think we will make a deal with China", he told journalists at the White House.
Trump said he will discuss trade with Xi when the two meet for dinner on the sidelines of the G20 leaders' summit at the end of November in Buenos Aires, Argentina. -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.
However, the remarks come just hours after Trump's senior economic adviser Larry Kudlow said that the United States was "not on the cusp of a deal".
Trump has long threatened to impose tariffs on all $500 billion-plus goods imports from China if Beijing fails to meet his demands for sweeping changes to its policies on intellectual property, technology transfers, industrial subsidies and local market access. "But China very much wants to make a deal", he said.
But Bloomberg later reported that the phone call - in which Trump and Xi both expressed optimism about resolving their bitter trade disputes - prompted Trump to ask officials to begin drafting potential terms.
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Kudlow also added that Trump "could pull the trigger" on additional tariffs on Chinese imports, depending on how talks go. "We're not on the cusp of a deal".
"The two countries' trade teams should strengthen contact and conduct consultations on issues of concern to both sides, and promote a plan that both can accept to reach a consensus on the China-U.S. trade issue", Xi said.
"The Trump administration should not miscalculate China's tolerance for what they perceive as bullying tactics", 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.
President Trump said that if a deal is not made with China, he could impose tariffs on another $267-B in Chinese imports into the United States, adding that China's economy had "been hit very hard" by previous U.S. tariffs.
The U.S. goods trade deficit with China hit a new record high climbing 4.3 percent to $40.2 billion in September, according to a Commerce Department report released Friday.
The Trump Administration also has taken action to hit the Chinese semiconductor industry, indicting 2 companies accused of stealing trade secrets and banning U.S. software and equipment exports to 1 of them.