U.S., China presidents plan meeting at summit

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

In a phone call with U.S. President Donald Trump, Xi also said China would continue to play a constructive role in the process.

Asian markets then added to their gains after Bloomberg News reported that Trump has asked USA cabinet officials to draft a possible trade deal with China ahead of a planned meeting with Xi at the G20 leaders summit in Buenos Aires later this month.

"We've had very good discussions with China". He said China wanted to make a deal, adding, "They are not doing well".

Stocks have rebounded to their highest point in three weeks on Friday following the Trump administration's request for a possible trade deal with China.

"At best, the parties are negotiating about negotiating and we are still miles from a deal", Boltansky said.

Xi was quoted by CCTV as saying after the call with Trump that the two leaders had hoped to expand trade cooperation.

"There was the belief overnight that we were close to a trade deal with China and now it looks like that is not the case".

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

Trump added that he spoke with Chinese President Xi Jinping on Thursday and the Chinese "very much want to make a deal".

The Chinese president also said he would like to meet Trump at the G20.

U.S. stock futures rose 0.7% and the FTSE100 is set for a jump of nearly 1% when it opens in London on Friday morning.

Xi told Chinese state media on Thursday that he was willing to meet Trump at the summit and hoped to promote a steady relationship.

Trump has since threatened to impose further $371 billion tariffs on Chinese imports - a move that would cover virtually everything China ships to the United States. "We talked about many subjects, with a heavy emphasis on Trade", Trump tweeted.

The trade dispute has also forced the yuan to fall in value but on Friday it was stronger for the first time this week, also helped by Xi's pledge on Thursday of more support for private firms.

China and the United States are locked in an increasingly bitter trade war, and both countries have already placed tariffs on some of each other's imports.

China should attach great importance to the current situation and be more proactive in taking measures to cope with the issues, China's official news agency reported, citing a meeting of the Politburo, chaired by President Xi Jinping.

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