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Xi told Chinese state media on Thursday that he was willing to meet Trump at the summit and hoped to promote a steady relationship. "I think a very good deal will be made with China".

The president's remarks helped United States 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.

China's foreign ministry says a phone conversation between President Xi Jinping and his American counterpart, Donald Trump, about trade and other issues was "extremely positive".

The Trump Administration also has taken action to hit the Chinese semiconductor industry, indicting 2 companies accused of stealing trade secrets and banning United States software and equipment exports to 1 of them. "But China very much wants to make a deal".

Later, Bloomberg News, citing unnamed sources, reported that the president has requested key cabinet secretaries put together an outline deal to call a ceasefire in the painful row.

"We're going to be fine regardless of what happens in Argentina", Navarro said, adding that trade talks with China are "more difficult" than those with other countries ranging from Japan to Canada.

Jacob Parker, vice president of China operations at the U.S.

Regardless, Trump struck a more affable tone on Twitter after the phone call with Xi. Xi also emphasised creating a fair and competitive business environment and tasked local governments with "correcting" the behaviour of certain government departments, as well as large companies that use their dominance to "bully" smaller firms.

Trump said he plans to meet and have dinner with Xi on the sidelines of a Group of 20 summit slated for November 30 to December 1 in Argentina.

The two countries have been locked in an escalating trade battle, with each side imposing tariffs on billions of dollars worth of imports from each side.

China slapped the import tax on U.S. beans on July 6 and since then Chinese crushers have been avoiding buying United States beans, which normally supply 35-40% of Chinese worldwide demand.

Xi responded to the call by saying he hopes China and the USA will be able to promote a steady and healthy relationship, Chinese state media reported Thursday.

Xi was quoted as saying after the call with Trump that they had hoped to expand trade cooperation.

Stocks have rebounded to their highest point in three weeks on Friday following the Trump administration's request for a possible trade deal with China.

Alexander said he would be discussing trade with Li, though neither of them mentioned the ongoing tariff war in remarks in front of reporters.