Setback for US-China trade deal hopes

Changing China's economic model might ease external and domestic pressures on the economy

A Bloomberg report said the USA president had asked officials to begin drafting a potential trade agreement with China, citing unnamed sources.

Trump, who began targeting China's trade policies before he entered office, has imposed three rounds of tariffs on Chinese products worth more than $250bn since the beginning of his administration.

"We hope Canada is watching carefully at how successful negotiations can go", he said. At a campaign rally in Columbia, Missouri, he added: "They want to make a deal".

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

Both the U.S. and China have sought to portray the personal relations between the two leaders as a source of stability in the relationship, and they have refrained from direct criticism of each other.

"Both leaders attach great importance to China-US ties and economic ties", Lu said.

Meeting a group of Republican lawmakers in Beijing, China's Li noted the China-U.S. relationship's "ups and downs" over the past four decades of diplomatic ties.

The two countries have imposed tariffs on hundreds of billions of dollars of each other's goods and Trump has threatened to extend the tariffs to the remainder of China's $500 billion-plus exports to the United States if the disputes can not be resolved.

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

Trump asked key cabinet secretaries to have their staff draw up a potential deal to signal a ceasefire in an escalating trade conflict, the people said, adding that multiple agencies are involved in the drafting of the plan. It also came on the heels of reports that the Trump administration is preparing to impose new tariffs on Chinese goods within the next several months.

'We do hope that China and the United States will meet each other halfway and work together in the spirit of mutual respect and equality, ' Li told Trump's fellow Republicans.

The news prompted stocks to surge in Hong Kong and China, while the offshore yuan jumped as much as 0.5 percent for the biggest two-day gain since August.

U.S. Attorney General Jeff Sessions told reporters that Chinese espionage has been "increasing rapidly", demanding that "cheating must stop".

President Xi Jinping sought to reassure Chinese entrepreneurs at a meeting yesterday with promises to prop up private firms with lower taxes and more funding, as he acknowledged uncertainty in China's economy.

The party's politburo met to discuss the economy on Wednesday with President Xi Jinping and other leaders taking part. "China wants to make a deal".

In their May telephone conversation, Xi and Trump set out to resolve their trade disputes, but the talks ended in stalemate and the first tariffs followed just weeks later.

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