Asian markets soar on hopes of end to US-China trade war

China's economy is being damaged by its trade war with the US and a domestic debt cleanup

Chinese tech stocks are going bananas after Trump said he had a 'good conversation' with Xi Jinping on trade

A Bloomberg report said the United States president had asked officials to begin drafting a potential trade agreement with China, citing unnamed sources.

Over the past 24 hours, the White House has sent a flurry of mixed messages about the status of trade talks with Beijingamid an ongoing tit-for-tat that started with Trump's decision to tax billions of dollars worth of Chinese imports.

Trump on Thursday said he had "very good" talks with Xi on the growing trade conflict between the two economic giants. He said China wanted to make a deal, adding, "They are not doing well".

Trump told reporters in Washington that "I know they want to make a deal".

"We are not on the cusp of a deal", Kudlow said.

"We will see what happens at the G20 and with Liu's talks, but I am not optimistic that anything momentous will come out of this", Zimmerman said. But Kudlow cautioned that Trump would "aggressively" pursue his agenda against China, if no deals were reached on intellectual property theft, cybersecurity and tariffs on commodities, among other issues.

For its part, Beijing has imposed tariffs on $110bn worth of United States goods. Japan's Nikkei index followed with a 2.4 percent rise and U.S. stock futures increased 0.7 percent, Reuters reported on Friday.

President Donald Trump tweeted on Thursday that he had a "good conversation" with Chinese President Xi Jinping. It has to be approved by Congress. U.S. Trade Representative Robert Lighthizer told CNBC on Monday that the plan doesn't cap imports of light vehicles from Mexico but does leave steel and aluminum tariffs in place.

If new stimulus measures accelerate China's debt increase, the government will face the accusation that its determination to deal with the credit overhang has crumbled, according to George Magnus, an economist at Oxford University's China Centre. "We talked about many subjects, with a heavy emphasis on Trade", the USA president tweeted.

Investor optimism does not seem to based on reality: In this news clip, CNBC cites a "White House senior official" who says there is still a "long way to go for a U.S". -China Business Council in Beijing, said there were plenty of challenges that would require significant negotiations in advance of a meeting between Trump and Xi to ensure success.

There were reports that the U.S. would announce tariffs on all China imports into the USA as early as December if the meeting with Xi and Trump at the G20 meeting does not make any meaningful progress.

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