US President <a href="https://www.wionews.com/world/ahead-of-2020-us-presidential-election-trump-accused-google-of-very-illegal-acts-241344">Donald Trump</a> on Friday said the costs of his protracted trade war are <a href="https://www.wionews.com/world/donald-trump-tears-into-china-on-twitter-as-trade-talks-resume-239492">falling squarely on China</a>, but a top adviser warned that the struggle between the economic superpowers could drag on for years.

Top-level negotiators are due to resume stalled talks in Washington early next month, with lower-level staff preparing the way in late September, according to officials on both sides.

And Trump says the pressure is on China to come to the table.

"China is eating the tariffs," Trump said on Twitter, repeating his claim that higher duties mean Washington is collecting billions of dollars from the Asian giant, without costs being passed on to US importers.

"China having a worst year in decades. Talks happening, good for all!"

The face-off between the number one and two economies began about 18 months ago and now features steep tariffs on hundreds of billions of dollars' worth of trade. Trump says he wants to force China into radical change on protection for intellectual property and other key aspects of the current trading relationship.&nbsp;

But White House economic adviser Larry Kudlow cautioned that the trade war could be a drawn-out contest resembling the Cold War under president Ronald Reagan in the 1980s.

"The stakes are so high, we have to get it right. If that takes a decade, so be it," Kudlow told reporters.

"This is the kind of thing where you're looking at far-reaching consequences... so if it takes us more time to do it and to get it right, so be it," he said.

"I didn't go through the whole Cold War, but a lot of it. You know, it took decades, decades, to get where we wanted to be with the old Soviet Union."

Economic fallout

Trump has repeatedly insisted that US tariffs and China's slowing economy will pressure Beijing to cut a deal. There are signs that the trade war has also begun to weigh on the US economy, however.

Corporate earnings reports indicate US companies have been hit by the tit-for-tat measures and overall uncertainty. A report released this week said more than 10,000 job cuts announced last month stemmed from "trade difficulties."

Tariffs were hiked by both sides last month and US duties on Chinese goods are due to rise further in October and December.

However, Kudlow said the face-to-face talks will resume in a good atmosphere.

"I'm just saying it is a good thing that they're coming here, and tempers are calmer," Kudlow said on CNBC television.

"We would love to go back to where we were in May, where we were getting kind of close to an agreement, maybe 90 per cent of the way," he added.

"It's very positive that we negotiate and it may well be that something positive comes out of that."

Talks abruptly broke up in May, with Washington accusing Beijing of retracting core commitments just when an overall agreement was close to fruition.

US President Donald Trump on Friday said the costs of his protracted trade war are falling squarely on China, but a top adviser warned that the struggle between the economic superpowers could drag on for years.

US President Donald Trump on Friday said the costs of his protracted trade war are falling squarely on China, but a top adviser warned that the struggle between the economic superpowers could drag on for years. Top-level negotiators are due to resume stalled talks in Washington early next month, with lower-level staff preparing the way in late September, according to officials on both sides. And Trump says the pressure is on China to come to the table. "China is eating the tariffs," Trump said on Twitter, repeating his claim that higher duties mean Washington is collecting billions of dollars from the Asian giant, without costs being passed on to US importers. "China having a worst year in decades. Talks happening, good for all!" The face-off between the number one and two economies began about 18 months ago and now features steep tariffs on hundreds of billions of dollars' worth of trade. Trump says he wants to force China into radical change on protection for intellectual property and other key aspects of the current trading relationship. But White House economic adviser Larry Kudlow cautioned that the trade war could be a drawn-out contest resembling the Cold War under president Ronald Reagan in the 1980s. "The stakes are so high, we have to get it right. If that takes a decade, so be it," Kudlow told reporters. "This is the kind of thing where you're looking at far-reaching consequences... so if it takes us more time to do it and to get it right, so be it," he said. "I didn't go through the whole Cold War, but a lot of it. You know, it took decades, decades, to get where we wanted to be with the old Soviet Union." Economic fallout Trump has repeatedly insisted that US tariffs and China's slowing economy will pressure Beijing to cut a deal. There are signs that the trade war has also begun to weigh on the US economy, however. Corporate earnings reports indicate US companies have been hit by the tit-for-tat measures and overall uncertainty. A report released this week said more than 10,000 job cuts announced last month stemmed from "trade difficulties." Tariffs were hiked by both sides last month and US duties on Chinese goods are due to rise further in October and December. However, Kudlow said the face-to-face talks will resume in a good atmosphere. "I'm just saying it is a good thing that they're coming here, and tempers are calmer," Kudlow said on CNBC television. "We would love to go back to where we were in May, where we were getting kind of close to an agreement, maybe 90 per cent of the way," he added. "It's very positive that we negotiate and it may well be that something positive comes out of that." Talks abruptly broke up in May, with Washington accusing Beijing of retracting core commitments just when an overall agreement was close to fruition.

Donald Trump bullish on China tariffs, but aide warns of long haul

Most Asian markets rose Monday as investors tentatively pick up cheap stocks, with focus on an expected meeting between Donald Trump and Xi Jinping at the weekend that will be watched for signs of a softening in the China-US trade war.

The broad gains came despite more hefty selling in energy firms after another collapse in oil prices on Friday, while the pound was flat against the dollar after European Union leaders approved a Brexit deal but which must be cleared by British MPs who mostly oppose it.

The positive mood comes at the start of a key week that sees a speech by Federal Reserve boss Jerome Powell and the release of the bank's last policy meeting minutes, before culminating in the G20 in Buenos Aires.

While the summit will focus on several global issues, the meeting between Trump and Xi will get the most attention with the economic superpowers engaged in a trade war just as global growth starts to stutter.

But expectations for a deal to end the standoff are low.

"It would seem that President Xi and President Trump have every incentive to come to an agreement on trade issues, even if that agreement does not significantly change the status quo," said JP Morgan Asset Management chief global strategist David Kelly.

"However, perceptions are important on both sides. While some hold out the hope that an agreement in principle will be reached, it seems more likely that an agreement will have to wait for more posturing on both sides."

Stephen Innes, head of Asia-Pacific trade at OANDA, called the meeting "possibly the best and last opportunity for the two leaders to share middle ground".

"The big question is are we going to see Trump the 'deal maker' or Trump the 'trade warrior' who wants China to 'feel more pain'? Keeping in mind that betting against the latter has been a poor bet for traders this year."

Crude woes

Still, the week has started on an upbeat note with Hong Kong jumping 1.5 per cent and Shanghai 0.4 per cent higher, while Tokyo went into the break 0.8 per cent higher.

Singapore added 0.6 per cent, Seoul and Taipei each jumped more than one per cent, and Manila gained 0.6 per cent.

However, Wellington and Sydney both declined.

Oil prices edged up slightly but remain well beaten down after Friday's hammering, which saw WTI sink 7.7 per cent and Brent more than six per cent, putting them at lows not seen for more than a year.

The commodity has plunged by about a third from its four-year highs touched at the start of October owing to a range of issues, including a global slowdown, the trade row, rising supplies, softer-than-expected US sanctions on Iran, a stuttering China and strong dollar.

The retreat comes ahead of a meeting of the Organization of the Petroleum Exporting Countries on December 6.

"At the root of the oil market woes, there is too much supply and too little demand," said Innes. "But much of the near term price recovery will be driven by what happens in G20 in Buenos Aires and at the OPEC summit in Vienna a week later."

The losses in crude prices have battered energy firms over the past two months, and they continued to fall Monday.

Hong Kong-listed PetroChina fell 1.5 per cent, while Sinopec was one per cent off. Inpex dropped 2.9 per cent in Tokyo and Woodside Petroleum sank 2.2 per cent in Sydney.

On currency markets, the pound was barely moved against the dollar as British Prime Minister Theresa May faces an uphill struggle pushing through her draft Brexit deal, with MPs on both sides against it.

May has staked her political future on the agreement and failure would likely lead to the toppling of her government, fuelling fresh uncertainty and hitting the sterling.

EU leaders have said the deal is the best possible one Britain could hope for, meaning a rejection of it will more than likely see the country crash out of the bloc.

Key figures around 0230 GMT&nbsp;

Tokyo - Nikkei 225: UP 0.8 percent at 21,815.55 (break)

Hong Kong - Hang Seng: UP 1.5 percent at 26,314.63

Shanghai - Composite: UP 0.4 percent at 2,590.89

Pound/dollar: UP at $1.2810 from $1.2805 at 1930 GMT Friday

Euro/dollar: UP at $1.1333 from $1.1331

Dollar/yen: UP at 113.07 yen from 112.85 yen

Oil - West Texas Intermediate: UP 40 cents at $50.82 per barrel

Oil - Brent Crude: UP 67 cents at $59.47 per barrel

New York - Dow Jones: DOWN 0.7 percent at 24,285.95 (close)

London - FTSE 100: DOWN 0.1 percent at 6,952.86 (close)

Most Asian markets rose Monday as investors tentatively pick up cheap stocks, with focus on an expected meeting between Donald Trump and Xi Jinping at the weekend that will be watched for signs of a softening in the China-US trade war.

Most Asian markets rose Monday as investors tentatively pick up cheap stocks, with focus on an expected meeting between Donald Trump and Xi Jinping at the weekend that will be watched for signs of a softening in the China-US trade war. The broad gains came despite more hefty selling in energy firms after another collapse in oil prices on Friday, while the pound was flat against the dollar after European Union leaders approved a Brexit deal but which must be cleared by British MPs who mostly oppose it. The positive mood comes at the start of a key week that sees a speech by Federal Reserve boss Jerome Powell and the release of the bank's last policy meeting minutes, before culminating in the G20 in Buenos Aires. While the summit will focus on several global issues, the meeting between Trump and Xi will get the most attention with the economic superpowers engaged in a trade war just as global growth starts to stutter. But expectations for a deal to end the standoff are low. "It would seem that President Xi and President Trump have every incentive to come to an agreement on trade issues, even if that agreement does not significantly change the status quo," said JP Morgan Asset Management chief global strategist David Kelly. "However, perceptions are important on both sides. While some hold out the hope that an agreement in principle will be reached, it seems more likely that an agreement will have to wait for more posturing on both sides." Stephen Innes, head of Asia-Pacific trade at OANDA, called the meeting "possibly the best and last opportunity for the two leaders to share middle ground". "The big question is are we going to see Trump the 'deal maker' or Trump the 'trade warrior' who wants China to 'feel more pain'? Keeping in mind that betting against the latter has been a poor bet for traders this year." Crude woes Still, the week has started on an upbeat note with Hong Kong jumping 1.5 per cent and Shanghai 0.4 per cent higher, while Tokyo went into the break 0.8 per cent higher. Singapore added 0.6 per cent, Seoul and Taipei each jumped more than one per cent, and Manila gained 0.6 per cent. However, Wellington and Sydney both declined. Oil prices edged up slightly but remain well beaten down after Friday's hammering, which saw WTI sink 7.7 per cent and Brent more than six per cent, putting them at lows not seen for more than a year. The commodity has plunged by about a third from its four-year highs touched at the start of October owing to a range of issues, including a global slowdown, the trade row, rising supplies, softer-than-expected US sanctions on Iran, a stuttering China and strong dollar. The retreat comes ahead of a meeting of the Organization of the Petroleum Exporting Countries on December 6. "At the root of the oil market woes, there is too much supply and too little demand," said Innes. "But much of the near term price recovery will be driven by what happens in G20 in Buenos Aires and at the OPEC summit in Vienna a week later." The losses in crude prices have battered energy firms over the past two months, and they continued to fall Monday. Hong Kong-listed PetroChina fell 1.5 per cent, while Sinopec was one per cent off. Inpex dropped 2.9 per cent in Tokyo and Woodside Petroleum sank 2.2 per cent in Sydney. On currency markets, the pound was barely moved against the dollar as British Prime Minister Theresa May faces an uphill struggle pushing through her draft Brexit deal, with MPs on both sides against it. May has staked her political future on the agreement and failure would likely lead to the toppling of her government, fuelling fresh uncertainty and hitting the sterling. EU leaders have said the deal is the best possible one Britain could hope for, meaning a rejection of it will more than likely see the country crash out of the bloc. Key figures around 0230 GMT Tokyo - Nikkei 225: UP 0.8 percent at 21,815.55 (break) Hong Kong - Hang Seng: UP 1.5 percent at 26,314.63 Shanghai - Composite: UP 0.4 percent at 2,590.89 Pound/dollar: UP at $1.2810 from $1.2805 at 1930 GMT Friday Euro/dollar: UP at $1.1333 from $1.1331 Dollar/yen: UP at 113.07 yen from 112.85 yen Oil - West Texas Intermediate: UP 40 cents at $50.82 per barrel Oil - Brent Crude: UP 67 cents at $59.47 per barrel New York - Dow Jones: DOWN 0.7 percent at 24,285.95 (close) London - FTSE 100: DOWN 0.1 percent at 6,952.86 (close)

Asian markets mostly up as eyes turn to Trump-Xi talks

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Donald Trump bullish on China tariffs, but aide warns of long haul

Asian markets mostly up as eyes turn to Trump-Xi talks