China's Xi says he wants to work out initial trade deal with US

"When necessary we will fight back, but we have been working actively to try not to have a trade war. We did not initiate this trade war and this is not something we want." Xi was responding to questions from representatives of the New Economy Forum organised by Bloomberg LP at the Great Hall of the People in Beijing.

BEIJING: China wants to work out an initial trade pact with the United States and has been trying to avoid a trade war, President Xi Jinping said on Friday, but is not afraid to retaliate when necessary.

Economists warn that a prolonged dispute between the world's two largest economies is elevating risks to the global economy by disrupting supply chains, curtailing investment and curbing business confidence.