Trump praises Xi's 'kind words' on tariffs, promises to make progress together

Screenshot of U.S. President Donald Trump's tweet.

U.S. President Donald Trump on Tuesday praised the "kind words" of Chinese President Xi Jinping at the Boao Forum for Asia conference, and foresaw "great progress" in their cooperation, amid trade frictions between the two countries.

Earlier in the day, Xi pledged to open Chinese markets and lower tariffs of imports, bringing relief to global investors and policy makers after weeks of escalating tensions between Beijing and Washington.[Special coverage]

The U.S. has levied tariffs on 50 billion U.S. dollars' worth of Chinese imports following an investigation into China's alleged theft of intellectual property, and threatened further punitive measures.

Beijing announced in return countermeasures of equal intensity, saying it will protect its interests at any cost. Chinese authorities however insisted dialogue and negotiations are the only way to settle disputes.

"Very thankful for President Xi of China's kind words on tariffs and automobile barriers... also, his enlightenment on intellectual property and technology transfers," Trump said on Twitter.

"We will make great progress together!" Trump predicted, hailing the speech in which Xi said China is committed to lower tariffs on car imports.

In his keynote speech to the annual economic forum, Xi said China "does not seek a trade surplus."

Promising a "new phase of opening-up," Xi said China would "considerably lower" tariffs on cars and other products this year, take measures to liberalize automobile investment, and protect intellectual property.

"Economic globalization is an irreversible trend of the time," Xi told the Boao Forum for Asia. "The door of China's opening-up will not close, it will only open wider and wider."