Editor's Note: Since this Situation Report was published, National Economic Council Director Larry Kudlow denied that U.S. President Donald Trump had directed his Cabinet to draft a potential trade deal with China.
The headwinds have increased with Trump's specific charge - publicly echoed by Vice President Mike Pence - that China is actively trying to interfere in the United States midterm elections, to be held on November 6.
He said Trump said in a recent interview that if there are "promising policy discussions, I don't know about a full fledged deal, but if things go well, maybe some tariffs get withdrawn and maybe not". Trump has also threatened to impose tariffs on all remaining goods imports from China, which previous year were worth $505 billion.
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The ministry said Friday the two leaders agreed to "strengthen economic exchanges" but gave no indication whether they made any progress on settling an escalating tariff war over Beijing's technology policy.
A foreign ministry spokesman, Lu Kang, said, "I agree, this phone conversation was an extremely positive phone conversation".
"I'm not going to make a prediction I do think part of the uncertainty in stocks is about the election", Kudlow said. "As the president said, we would like to talk to them about it, but they may not be ready". Earlier, U.S. President said that he had fruitful talks with the Chinese President, during which they discussed trade relations between China and the United States. He will certainly bring the subject to the table when he dines with the Chinese president Xi Jinping at the G20 meeting in Argentina later this month.
"Xi noted in the conversation that China has repeatedly made clear its stance on bilateral ties, and hopes that both countries will promote a healthy, stable development of bilateral ties", Xinhua said of the call.