President Donald Trump is set to sign an executive order to probe China's "unfair" trade practices that harm American businesses and have an impact on its intellectual properties, a senior official said on Sunday. They were not authorized to publicly discuss the private call and spoke on condition of anonymity.
"I do think the United States and China need to sit down and negotiate a new trade deal, probably not a bilateral deal, but through some kind of multilateral forum to really address the heart of the problems that the two countries have with each other", he said.
Xi stressed that China and the United States have common interests in achieving denuclearization on the Korean Peninsula and maintaining peace and stability there. "All they know how to do is file trade lawsuits".
"It's not easy and it can't be done quickly, but it requires serious effort and continual engagement", said Bown, referring to major issues including trade disputes plaguing US-China trade relations.
An investigation into China's trade practices has always been expected, they said, noting the particular emphasis on alleged theft of billions of dollars worth of intellectual property (IP) annually.
The latest news about a USA probe into Chinese trade practices could lead to steep tariffs and comes as Trump is pressing for China's cooperation in reining in North Korea's nuclear program.
US companies say that China forces them to give up trade secrets in exchange for access to the country's sizable market.
He simply will initiate an investigation of intellectual property theft, joining a long line of inquiries from past administrations. Such an investigation easily could last a year.
Both Washington and Pyongyang should be restrained rather than provoke each other to escalate tensions and increase the risk of conflict, he said.
The decision was announced on Monday after days of loud sabre-rattling by US President Donald Trump and Kim Jong-un's regime, which has raised worldwide alarm about where the crisis is headed.
His aggressive remarks prompted Pyongyang to hit back and announce plans to launch missile strikes on an area near the US Pacific territory of Guam.
But he says "effective military-to-military" ties with China also are important.
In an unprecedented move against North Korea, China on Monday issued an order to carry out the United Nations sanctions imposed on the rogue regime earlier this month.
However, both Russian Federation and China has urged all parties involved to resume the six-party talks to resolve the crisis after the tensions escalated with North Korea test-launching two suspected ICBMs in July.