Economy

Shares soar as Trump hints at possible US-China trade deal

Shares soar as Trump hints at possible US-China trade deal

Federal Bureau of Investigation director Christopher Wray said the US has filed a civil lawsuit seeking to prevent the two indicted companies, Taiwan-based United Microelectronics Corp. and China's state-owned Fujian Jinhua Integrated Circuit, from exporting any products created using USA trade secrets and blocking the further transfer of trade secrets.

"There is a long way to go", on negotiations, the unnamed official told CNBC's Eamon Javers, according to his tweet.

The Chinese president was also quoted as saying that he was willing to meet Trump in Argentina during the G-20 summit.

Trump said earlier on Twitter that he and Xi had a "very good" conversation.

Trump has long threatened to impose tariffs on all $500 billion-plus goods that the United States 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.

Stock markets in China gained on Friday after US President Donald Trump said trade talks with Beijing were "moving along nicely".

In comments to state media, Mr Xi expressed his hopes for a trade deal and said he was willing to meet with Mr Trump in Argentina.

Trump and Xi, in several reciprocal actions, have in recent months imposed higher tariffs on tens of billions of dollars of exports moving between the two countries, increasing tensions between Washington and Beijing. It was unclear if Trump was easing up on USA demands that China has resisted.

More news: Here’s how teal pumpkins help kids with food allergies on Halloween

Trump has imposed penalty tariffs of up to 25 per cent on $250 billion U.S. of Chinese goods in a dispute over Beijing's plans for state-led development of technology industries.

"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.

Tennessee Senator Lamar Alexander told Li that the delegation was there 'to show our respect to a great country and a great people, ' and that the two countries 'are competitors but not adversaries'.

Alexander said he would be discussing trade with Li, though neither of them mentioned the ongoing tariff war in remarks in front of reporters.

One source said a sticking point in any deal was intellectual property theft, where the Trump administration has sought to take a hard line.

On Thursday, the USA accused a Chinese state-owned company of conspiring to steal trade secrets of U.S. chip maker Micron Technology as part of a Justice Department crackdown against China in cases of alleged economic espionage.

A Justice Department indictment targeted two companies based in China and Taiwan and three individuals, saying they conspired to steal trade secrets from USA semiconductor company Micron Technology Inc. "We have a new deal", he said adding that the U.S. is now negotiating with the European Union, which "has absolutely hurt" the United States.

White House economic adviser Larry Kudlow said that Trump and Xi might be able to break the logjam on issues during the summit.