Trump, Xi May Agree to Formally Reopen Trade Talks at G-20
Meeting is likely to be on Saturday, the final day of the two-day summit, according a U.S. official.
(Bloomberg) -- President Donald Trump and Chinese President Xi Jinping may agree to reopen trade talks during the Group of 20 summit later this week in Japan, according to a senior administration official.
The U.S. won’t accept conditions on tariffs as part of reopening negotiations and no trade deal is expected from the summit, where the two leaders are scheduled to meet, the official said.
Yet, developments remain fluid and nothing has been formally agreed, said the official, who spoke on condition of anonymity.
Trump announced plans to meet with Xi on Twitter last week after repeatedly threatening more tariffs if Xi spurned the opportunity. Xi earlier said he’s willing to meet with Trump and exchange views, the state-run China Central Television reported. The meeting is likely to be on Saturday, the final day of the two-day summit, according a U.S. official.
Trade talks broke off last month after the U.S. accused China’s leaders of reneging on provisions of a tentative trade agreement, and Beijing said the U.S. had raised its demands. Trump raised tariffs on about $200 billion of Chinese imports to 25%, and said he would expand the tariffs to cover another roughly $300 billion in goods -- essentially everything China exports to the U.S. -- unless the country’s leaders reversed course.
Trump has said that China must return to concessions it made in earlier rounds of talks. The American president has repeated his claim that Chinese exporters pay the tariffs, disputing the consensus of economists that the costs are largely borne by U.S. importers and consumers.
--With assistance from Alyza Sebenius.
To contact the reporter on this story: Jennifer Jacobs in Washington at jjacobs68@bloomberg.net
To contact the editors responsible for this story: Alex Wayne at awayne3@bloomberg.net, Joshua Gallu, Kevin Whitelaw
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