Meanwhile, Jake Parker, vice-president for China operations at the US-China Business Council, said that the presidents' telephone call created an opportunity for the two countries to discuss their many disputes - from the trade imbalance to China's forced technology transfers - but none of them would be easy to resolve.
"The best possible outcome of the Xi-Trump meeting would be a suspension of imposing tariffs on each other, but the United States would continue its all-out blockade on China's technology development", said Shi Yinhong, a professor on global relations at Renmin University and an adviser to Beijing.
Trump sounded very optimistic about reaching a trade deal with China, or else, he warned, he was ready to impose a trade tariff of 25 per cent on another Dollars 267 billion worth of Chinese products.
The headwinds have increased with Trump's specific charge - publicly echoed by Vice President Mike Pence - that China is actively trying to interfere in the USA midterm elections, to be held on November 6.
Kudlow believes China is getting isolated in the ongoing trade war, as the United States, Japan, and the European Union officials met in September in NY on the sidelines of the U.N. General Assembly and reached a deal to tackle China's unfair trade practices.
"The two countries' trade teams should strengthen contact and conduct consultations on issues of concern to both sides, and promote a plan that both can accept to reach a consensus on the China-US trade issue", Xi said on CCTV state television. He said trade would be a topic when he gets together with Xi over dinner.
"The Trump administration should not miscalculate China's tolerance for what they perceive as bullying tactics", he said. "They very much want to make a deal".
"Private enterprises and private entrepreneurs are our own people", the president said, according to Xinhua.
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Trump imposed new tariffs on roughly half of Chinese imports this summer, while Beijing fired back with tariffs on most U.S. products.
He described the phone call as very positive.
"Frankly, the principal culprit is China", he said.
Facts show that the sound and stable growth of bilateral relations serves the fundamental interests of the people from China and the United States, he said.
A key point of contention for the U.S. has been its allegations that China has engaged in widespread intellectual property theft.
Neither leader specified any details of potential progress in their first known direct discussion in several months.
The possible thaw in relations comes after months of escalating tensions over trade that threatened to spill into other areas of disagreement, including China's military build-up in the South China Sea.
Just after the upbeat readouts of the Trump-Xi call, the Justice Department announced the latest in a long list of actions against what Trump administration calls China's cheating through intellectual property theft, unfair corporate subsidies and rules hampering USA corporations in China.