Setback for US-China trade deal hopes

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US President Donald Trump has exuded confidence of having a fair trade deal with China, warning further tariffs might follow it did not materialise.

"I think we'll make a deal with China".

President Trump on Friday signaled the getting closer to a trade deal with China.

Meanwhile, Jake Parker, vice-president for China operations at the US-China Business Council, said that the presidents' telephone call created an opportunity for the two countries to discuss their many disputes - from the trade imbalance to China's forced technology transfers - but none of them would be easy to resolve.

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Just had a long and very good conversation with President Xi Jinping of China.

It was "hard to know what Trump wants most from China" because of a fragmented administration that had yet to strike a balance among the priorities of various vested interest groups, he said.

He and Xi are due to attend the G20 summit in Argentina, which starts at the end of this month. For example, it's unknown whether he is considering relenting on his administration's hard line against China's theft of USA intellectual property, which one of the people said remains a key sticking point in any potential deal.

Xi told Chinese state media on Thursday that he was willing to meet Trump at the summit and hoped to promote a steady relationship. -China trade talks can not resume until Beijing outlines specific actions it would take to meet US demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

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Bloomberg, citing people familiar with the matter, later reported that Trump wants to reach a trade agreement with China at the G20 meeting and that after the call with Xi, he had asked officials to begin drafting possible terms.

"He wants to do it", Trump said of Xi. "We're not on the cusp of a deal".

"After Trump's tweet the board is up and the basis is going to be down today", said one Brazil-based market source, although a US source said that offers from the US Gulf remained unchanged.

Washington accuses the two companies of stealing trade secrets from U.S. memory chip maker Micron Technology, but China's commerce ministry opposes the charges and has demanded Washington "remedy the mistake".

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China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Trump change his mind.