Asian shares have surged on reports that Donald Trump wants to reach an agreement with Chinese president Xi Jinping about the trade dispute that has dogged markets for months. Both sides reported constructive discussions on North Korea and the trade, with Chinese state media saying that Trump supported "frequent, direct communication" between the presidents and "joint efforts to prepare for" the planned meeting on the sidelines of the Group of 20 summit.
Trump said in a tweet on November 1 that he had "a long and very good conversation" with Xi, offering some hope that trade tensions may cool after the G20 meeting.
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 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 U.S. demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.
"Those discussions are moving along nicely", Trump wrote on Twitter on Thursday.
Trump said the two countries have a chance to make a fair deal.
The commodity has lost around 15 per cent from four-year highs at the start of last month as Russian Federation and Opec said they would bolster output.
White House economic adviser Larry Kudlow said at an event in Washington that Mr Trump and Mr Xi might be able to break the logjam on issues during the summit.
"Opec and other major producers appear to have gotten the message from US President Donald Trump and increased production, but there are still questions on how much will the sanctions actually impact Iranian exports", said National Australia Bank senior forex strategist Rodrigo Catril.
The telephone conversation on Thursday was Trump and Xi's first publicly disclosed call in six months.
China and the United States can overcome their differences and get relations back on track if they work together in a spirit of mutual respect, Chinese Premier Li Keqiang told a group of visiting USA politicians on Thursday.
"No country presents a broader, more severe threat to our ideas, our innovation, and our economic security than China", Wray said.
Trump has also threatened to impose tariffs on all remaining goods imports from China, which a year ago were worth US$505 billion.
China and the United States are locked in an increasingly bitter trade war, with both countries have already placed tariffs on some of each others imports.
Attorney General Jeff Sessions, center, announces the creation of a new initiative to crack down on Chinese intelligence officials pilfering intellectual property from USA corporations during a press conference in Washington, Nov. 1, 2018.
Xi was quoted by CCTV as saying after the call with Trump that the two leaders had hoped to expand bilateral trade cooperation.
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