United States : Trump said to ask cabinet to draft possible trade deal with Xi

US President Donald Trump wants to reach an agreement on trade with Chinese President Xi Jinping at the Group of 20 nations summit in Argentina later this month and has asked key US officials to begin drafting potential terms, according to four people familiar with the matter.

The push for a possible deal with China was prompted by the president’s telephone call with Xi on Thursday, the people said. Afterward, Mr Trump described the conversation as “long and very good” and said in a tweet that their discussions on trade were “moving along nicely.”

Mr 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.

The offshore yuan climbed in response to the news, erasing a loss to advance 0.22 per cent to 6.9030 per dollar as of 12:49pm in Hong Kong. The onshore rate rallied 0.13 per cent.

The telephone conversation on Thursday was Mr Trump and Xi’s first publicly disclosed call in six months. Both sides reported that they had constructive discussions on North Korea and trade.

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Post time: Nov-09-2018