U.S. President Donald Trump has requested officials in his administration to begin the process of drafting the terms of a possible trade agreement with China, CNBC informed.
A big remaining issue is the intellectual property theft by the Chinese companies, according to Bloomberg.
European futures, which were already largely pointing to the upside, moved higher following the report.
The report of potential draft agreement came after Trump said on Thursday that he had had a conversation with the Chinese President Xi Jinping amid concerns about escalating trade tensions between the world’s two largest economies.
In a tweet, the President said he had a “long and very good conversation” with the Chinese leader, “with a heavy emphasis on trade.” He added that “those discussions are moving along nicely” ahead of planned face-to-face meetings at the G-20 summit in Argentina later this month.
Experts have tried to read the recent trade “smoke signals” coming from the White House of late, but Rob Carnell, ING’s chief economist and head of research for Asia Pacific, questioned the intention behind Trump’s Thursday Twitter post.
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