the United States could trade with China

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But Kudlow cautioned that Trump would "aggressively" pursue his agenda against China, if no deals were reached on intellectual property (IP) theft, cybersecurity and tariffs on commodities, among other issues. Trump complained for a long time about the trade deficit that the USA has with China and, among other things, wants the People's Republic to import more American goods.

Though final decisions have not been made, USA officials are preparing for such a scenario in case a planned Trump-Xi meeting yields no progress on the sidelines of a Group of 20 summit in Buenos Aires in November, according to the report.

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.

"We've had very good discussions with China".

Chinese state media said Trump also expressed support for a conference in Shanghai next week that Xi is using to promote the country as an import destination. The United States has targeted $250 billion in Chinese products, and Beijing has lashed back by slapping tariffs on $110 million worth of USA goods.

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President Trump said that if a deal is not made with China, he could impose tariffs on another $267-B in Chinese imports into the United States, adding that China's economy had "been hit very hard" by previous USA tariffs.

Earlier Friday, the Chinese foreign ministry said Trump and Xi had an "extremely positive" phone conversation Thursday.

However, "policy talks" will determine whether he imposes additional duties, "not an arbitrary timeline", said Kudlow, who served as the Trump campaign's senior economic adviser. "We are not on the cusp of a deal", Kudlow said.

President Trump said he will discuss trade with President Xi when the 2 meet for dinner on the sidelines of the G-20 leaders' Summit at the end of November in Buenos Aires, Argentina. "As the president said, we would like to talk to them about it, but they may not be ready".

The two leaders agreed the trade dispute "should be handled properly through substantial consultation", Lu said.

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