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US President Donald Trump will probably settle the trade dispute with China in November. Trump has asked major government officials to prepare a draft trade agreement, the Bloomberg financial news agency quoted insiders as saying. According to him, at a meeting with Chinese head of state Xi Jinping at the G20 summit in Argentina later this month, the US president wants to find a solution to the trade dispute between the two powers economic.
Trump decided to take a phone call with Xi on Thursday, he said. Trump also commented on the conversation via Twitter. He wrote that in the telephone conversation, the subject of trade had been at the center of the discussions and that the discussions had gone well. Trump spoke of a "long and very good conversation" with Xi that they wanted to meet at the G20 summit. The Chinese Foreign Ministry also said that the phone conversation between Trump and Xi was very smooth.
The summit of the 20 leading industrial and emerging economies (G20) will be held on November 30 and December 1 in the Argentine capital, Buenos Aires.
Positive news on the trade dispute was welcomed favorably on the stock market. Prices in China and Hong Kong have increased significantly. On Tuesday, the announcement of new US tariffs on goods from China had caused swirls on the stock exchanges. The United States was apparently trying to put pressure on Beijing's leaders.
For months, the United States and China have been involved in a trade dispute involving tariffs and countervailing duties. Trump is bothered by the large US trade deficit with China. He accuses the People's Republic of dumping, technology theft and other unfair commercial practices. China denies the allegations.
The difference between US exports to China and US imports from China has increased significantly over the past two decades. Recently, the US trade deficit with China has risen to $ 375 billion (see chart).
The conflict weighs on the financial markets because they fear a trade war.
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