Soybeans soar on Trump, Xi tweet trade talk

Frederick Owens
November 3, 2018

We talked about many subjects, with a heavy emphasis on trade.

US President Donald Trump has expressed confidence he can reach a deal to end a burgeoning trade war with China, saying he will meet his Chinese counterpart at the Group of 20 meetings in Argentina in about a month.

Trump said he and Xi also had 'a good discussion on North Korea'.

United States stocks could get a further boost when the latest data on nonfarm payrolls is released at 8:30 a.m.in Washington (12:30 p.m.in London).

"They want to make a deal", Trump said Friday outside the White House.

The U.S.is on track to post its biggest foreign trade deficit in a decade, Market Watch reported.

President Donald Trump's steep tariffs on billions of dollars worth of Chinese products don't seem to be particularly effective at re-balancing trade.

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Trump has asked key cabinet secretaries to have their staff draw up a potential deal to signal a ceasefire in an escalating trade conflict, sources said, adding that multiple agencies are involved in drafting the plan.

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.

"I think it's maybe temporary, because Tuesday is election day", Richard Bernstein, the CEO of Richard Bernstein advisers, told CNBC on Friday. "Rebuilt China", Trump told Breitbart at the time. In Beijing Trump's move was seen as an insult to Xi, who sent a personal emissary to Washington for the negotiations, and cemented a view that Trump's real goal is to thwart China's rise.

In response, state media quoted President Xi as saying that "both sides should push for trade solution that is mutually acceptable".

The US president spoke to Xi on Thursday and later tweeted that trade talks with China were "moving along nicely" ahead of face-to-face talks between the pair at the G20 summit in Argentina later this month. One of China's vice commerce ministers Wang Bingnan said on Saturday the country is willing to resolve trade issues with the United States through mutually respectful talks and on an equal footing, similar to past comments from Beijing. At a campaign rally in Columbia, Missouri, he later said "they want to make a deal".

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.

"The stock market is focused on tariffs and they believe that increased tariffs are going to hurt the economy", said Mike Rask, director of trading at Hodges Capital in Dallas.

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