United States official denies report of possible China trade deal

China,Economy,Xi Jinping

President Donald Trump expressed confidence he can reach a deal to end a burgeoning trade war with China, saying he will meet his Chinese counterpart at the Group of 20 meetings in Argentina in about a month.

Donald Trump said trade talks were "moving along nicely" and that meetings were "being scheduled" at the G20 summit in Buenos Aires.

Trump said he also talked with Xi about "many subjects", including a "good discussion" on North Korea, where Trump is trying to negotiate an end to Pyongyang's nuclear weapons program.

China has been hurt over the past months and is having a "hard time" due to strong steps taken by the United States against it over trade, USA president Donald Trump has claimed.

Chinese president Xi Jinping and his United States counterpart Donald Trump agreed that trade dispute "should be handled properly through substantial consultation".

"The Trump administration should not miscalculate China's tolerance for what they perceive as bullying tactics", he said.

However, a senior Trump administration reportedly denied that Trump was preparing to make a deal, a CNBC journalist said in a Twitter post on Friday.

"He wants to do it", Mr Trump said of Mr Xi.

Meanwhile, White House economic adviser Larry Kudlow said at an event in Washington that Trump and Xi might be able to break the logjam on issues during the Nov 30-Dec 1 summit.

"I hope that China and the US will meet each other halfway and will appropriately handle their differences with mutual respect and equal cooperation", stated the Chinese premier. But Kudlow cautioned that Trump would "aggressively" pursue his agenda against China, if no deals were reached on intellectual property theft, cybersecurity and tariffs on commodities, among other issues.

Attorney General Jeff Sessions, center, announces the creation of a new initiative to crack down on Chinese intelligence officials pilfering intellectual property from US corporations during a press conference in Washington, Nov. 1, 2018.

Xi on Thursday said he looks forward to meeting with Trump in Argentina and hopes the two sides build stable relations, according to China's state media. "We're doing better than we've ever done".

Tai Hui, chief market strategist (Asia Pacific) at JP Morgan Asset Management, told Reuters: "While we are still cautious over a full resolution of recent tensions in the medium term, resumption of dialogue between Washington and Beijing would be good enough to investors for now".

China has responded with retaliatory duties on $110-billion worth of US goods.

The news agency said it was not clear if Trump was easing up on demands that China has resisted, and it cited one person as saying intellectual property theft was a sticking point on a possible deal.

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