Sino-US Relations Can Improve, Says Chinese Premier Amid Trade War

Chinese tech stocks are going bananas after Trump said he had a 'good conversation' with Xi Jinping on trade

Both Trump and Chinese President Xi Jinping are due to attend the G20 summit in Argentina which starts at the end of this month, and could hold talks there.

On Wednesday, US Secretary of State Mike Pompeo said China was probably Washington's biggest long-term security challenge and the United States was engaged in a "multi-pronged effort.to convince China to behave like a normal nation on commerce" and respect global law.

"President Xi Jinping also stressed that China-U.S. trade has always been serving as ballast and a stabilizer for China-U.S. relations".

Bloomberg's Enda Curran reports on "Bloomberg Daybreak: Asia".

The comment comes days after he warned he would impose tariffs on all China's shipments to the U.S. before saying he thought he could "make a great deal with China" but it was not yet ready.

"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 two leaders had a telephone call on Thursday, which Trump described as "long and very good", and said in a tweet that their discussions on trade were "moving along nicely".

Neither leader specified any details of possible progress in their first known direct discussion in several months.

Trump administration officials have said that trade talks with China can not resume until Beijing comes up with specific actions it is willing take to meet USA demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

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.

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

"What negotiations have lacked to date has been that (presidential) level of engagement".

According to a report by state broadcaster CCTV, Li said China and the U.S. had benefited from cooperation, and that they should respect each other's core interests and concerns.

'We're going way up, and China has been hurt over the last number of months.

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 and Xi also had "a good discussion on North Korea".

Tai Hui at JPMorgan Asset Management said a stabilising trade relationship between U.S. and China and more stimulus from Beijing would be the key ingredients to revive market confidence in Asia. "China would love to make a deal", Trump told Breitbart at the time.

"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", he told Bloomberg.

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