the United States could trade with China

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China is having a hard time due to strong steps taken by the US against it over trade

"They all want to do it".

But there remains plenty of reason for pessimism.

File image of U.S. president Donald Trump.

White House economic adviser Larry Kudlow downplayed the potential for a quick deal.

USA 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).

"At best, the parties are negotiating about negotiating and we are still miles from a deal", Boltansky said.

"Hence the next four weeks between the USA midterm elections and the G20 meeting in Argentina on 30 November will be important to see how things progress".

In a Fox News interview he said the United States is "not dependent on China economically".

The president's remarks helped USA stocks to trim their losses on a day that started with market optimism over a Bloomberg report quoting unnamed sources as saying that Trump had ordered his cabinet to draw up terms for a China trade deal. And he has previously made concessions to US adversaries that have drawn backlash from both Democrats and Republicans.

Despite the promise offered by the Trump-Xi telephone call, the level of tension between the two nations was demonstrated just hours after it ended when the U.S. filed charges against Chinese technology firm Fujian Jinhua Integrated Circuit Co and its Taiwanese partner. The decision was roundly lambasted in Congress.

U.S. Trade Representative Robert Lighthizer has reservations about pursuing a trade agreement at the G-20 and has expressed his concerns to others in the administration, according to two of the people.

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"Positive comments from President Trump over US-China trade tension are cheering the market in the short term", said Tai Hui, chief market strategist for Asia Pacific at JP Morgan Asset Management.

United States president Donald Trump reached out to President Xi via "a long and very good conversation" on Thursday, with the two leaders reaffirming their optimism on Thursday for negotiations to resolve ongoing trade disagreements. "Rebuilt China", Trump told Breitbart at the time. While Beijing is open to striking a deal that narrows the trade deficit, officials have resisted Trump's other demands - including an end to subsidies for strategic industries, a stop to forced technology transfer and more competition for state-owned enterprises (SOEs). But at a rally in Missouri that night, Trump remained upbeat.

But then CNBC, citing a trio of administration officials, reported that the deal was not that close, and the markets see-sawed, falling to 140 points down as of 11:45 a.m.

The world's two biggest economies are locked in a dispute over USA complaints that China is using predatory tactics in a drive to supplant American technological dominance.

President Donald Trump teased a prospective trade deal with China on Friday, but many analysts are skeptical the trade war is going to end anytime soon.

There was a moment of uncertainty Thursday afternoon, when United States attorney Jeff Sessions unveiled the latest of a series of charges of Chinese theft of USA trade secrets.

Chinese blue chips gained 3 percent and startup companies added 3.8 percent, also lifted by Beijing's pledge Thursday of more support for private firms.

Federal Bureau of Investigation director Christopher Wray said the USA has filed a civil lawsuit seeking to prevent the two indicted companies, Taiwan-based United Microelectronics Corp. and China's state-owned Fujian Jinhua Integrated Circuit, from exporting any products created using US trade secrets and blocking the further transfer of trade secrets.

The leaders of the world's two largest economies made the remarks after their first publicly disclosed telephone conversation in nearly six months.

The positive momentum started after US President Donald Trump on Thursday talked up the prospects of a deal on trade with Beijing after speaking with Chinese leader Xi Jinping by phone.

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