Trump expects 'very good' trade deal with China

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"I think that we will reach agreement with China, and I think it'll be a fair deal for all", said trump.

Trump and Xi are expected to meet later this month on the sidelines of the Group of 20 summit in Argentina.

The president added that he would have a dinner with Xi at the G20 summit, wherein they would be discussing the issue. "As the president said, we would like to talk to them about it, but they may not be ready".

Bloomberg reported on Monday that the Trump administration was preparing to announce tariffs on the remaining Chinese imports, about $257 billion worth, if the meeting fails to ease the U.S.

The fight with U.S. President Donald Trump has added to pressure on communist leaders to rev up economic activity that has weakened since Beijing clamped down on bank lending previous year to rein in surging debt.

"This not only benefits our two countries but also benefits the whole world", he said.

In comments to state media, Xi said he hoped China and the United States would be able to promote a steady and healthy relationship, and that he was willing to meet with Trump in Argentina.

Communist leaders promised for the first time in 2013 to give market forces the "decisive role" in allocating resources, but reform advocates say they have focused on building up state industry while doing little for entrepreneurs.

"Bilateral tensions over strategic issues such as Taiwan, the South China Sea and the arms race will continue and may be at risk of escalating", he said.

Facts show that the sound and stable growth of bilateral relations serves the fundamental interests of the people from China and the U.S., he said.

But Trump struck a more affable tone on Twitter after the phone call with Xi.

A Chinese state-owned company was charged on Thursday with stealing technology from USA chipmaker Micron Technology Inc., part of a Justice Department crackdown against China in cases of suspected economic espionage.

China's latest economic indicators suggest the trade war is having a bigger and quicker impact on the economy than expected. Trump has threatened to impose tariffs on another $267 billion in Chinese imports - a move that would cover virtually everything China ships to the United States.