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US President Donald Trump wants to reach an agreement on trade with Chinese President Xi Jinping at the G20 summit in Argentina later this month and has asked US officials to begin drafting potential terms. "Xi said both he and Trump have good visions for a healthy, stable development of the China-U.S. relations as well as expanding economic and trade cooperation, and they should make efforts to realize the wishes", Xinhua said.

White House economic adviser Larry Kudlow downplayed reports President Donald Trump may implement more tariffs on China as the two nations' trade battle escalates.

Xinhua, China's state news agency, reported on Friday that Mr Trump had told the Chinese leader that "he looks forward to meeting Xi during the G-20 summit so they can have an in-depth discussion about some major issues".

Federal Bureau of Investigation director Christopher Wray said the US has filed a civil lawsuit seeking to prevent the two indicted companies, Taiwan-based United Microelectronics Corp. and China's state-owned Fujian Jinhua Integrated Circuit, from exporting any products created using USA trade secrets and blocking the further transfer of trade secrets.

Trump revealed Thursday that he had spoken with Xi on several subjects, but focused on trade.

Trump administration officials have said that trade talks with China can not resume until Beijing comes up with specific actions it is willing take to meet USA demands for sweeping changes to policies on technology transfers, industrial subsidies and market access.

The comment comes days after he warned he would impose tariffs on all China's shipments to the United States before saying he thought he could "make a great deal with China" but it was not yet ready.

But Trump struck a more affable tone on Twitter after the phone call with Xi.

The U.S. this year has already imposed tariffs on $250 billion in trade with China.

Boost for pound over Brexit deal speculation
An "abrupt and disorderly" departure from the European Union risks economic chaos and higher interest rates, Mark Carney said. Bank of England governor Mark Carney said he is "quietly confident" about the level of preparation done by banks for Brexit.

Tennessee Senator Lamar Alexander told the official the US and China are competitors not adversaries and suggested they can prosper together.

He has also emphasized the need to reduce the USA trade deficit with China.

Tennessee Senator Lamar Alexander told Li that the delegation was there "to show our respect to a great country and a great people".

Earlier on Thursday, Chinese Premier Li Keqiang told a group of visiting USA politicians that China and the United States could overcome their differences and get relations back on track if they worked together in a spirit of mutual respect.

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

The two countries have imposed tariffs on hundreds of-billions of dollars of each other's goods and Trump has threatened to put tariffs on the remainder of China's $500-billion-plus exports to the United States if the disputes can not be resolved.

The US levied tariffs of 10 percent on $200 billion of Chinese products in September, with the rate set to increase to 25 percent by the end of the year.

A key point of contention for the US has been its allegations that China has engaged in widespread intellectual property theft.