U.S., China revive trade talks ahead of Trump-Xi G20 meeting

June 18 , 2019
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U.S., China revive trade talks ahead of Trump-Xi G20 meeting

China and the U.S. are reviving trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, says Reuters.

Trump said on Tuesday that teams from the two sides would begin preparations for the leaders to sit down at the G20 summit in Osaka, Japan. China has confirmed the meeting as well.

The two nations' costly trade dispute has pressured financial markets and damaged the world economy. Yet their last efforts to reach a deal ended with U.S. officials accusing China of backing away from previously agreed commitments.

Since then, interaction between the two sides has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese products in an escalation that businesses in both countries want to avoid, notes the publication.

Washington has already imposed 25% tariffs on US$250 billion of Chinese goods, ranging from semi-conductors to furniture, that are imported to the U.S. However, Trump has threatened to put tariffs on another US$325 billion of goods, covering nearly all of the remaining Chinese imports into the country.

Despite his threat to escalate the dispute, however, Trump made no secret that he wanted to meet with Xi while they are both in Japan. China’s confirmation of the meeting avoids the possibility of a snub to Washington that could have triggered another round of tariffs.

White House officials declined to go into detail about the preparations or expected outcomes from the talks in Japan, but both sides reiterated long-held positions: U.S. officials called for structural changes in the Chinese economy and in how Beijing treats U.S. businesses; China called for dialogue instead of expensive tariffs.

“The key is to show consideration to each other’s legitimate concerns,” Xi was quoted as telling Chinese state media.

“We also hope that the United States treats Chinese companies fairly. I agree that the economic and trade teams of the two countries will maintain communication on how to resolve differences.”

Read the full article here

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