Tentative Sino/US Trade Truce?
When China’s Xi Jinping and Trump met last year on the sidelines of the Buenos Aires, Argentina G20 summit, they agreed on a 90-day truce to let continue talks.
Seven months later, both nations are more world’s apart on major structural issues than then — because of unacceptable US demands China rejects.
Xi and Trump are scheduled to meet again on the sidelines of the June 28 and 29 G20 summit in Osaka, Japan.
According to Reuters, both leaders will meet on Saturday at 11:30 AM local time. Sputnik News reported that Putin and Trump will meet at 2:00 PM local time Friday for face-to-face talks.
White House spokesman Hogan Gidley said Trump has nine bilateral meetings with his counterparts during the two-day Friday and Saturday summit.
Reportedly, Xi and Trump again agreed on a short-term truce to continue trade talks, DJT to delay imposing tariffs on all Chinese imports even if agreement isn’t reached, opting instead for more time to let talks continue.
An unnamed source said a tentative truce was Xi’s price for agreeing to meet with Trump at the summit, both countries reportedly to release separate press statements at the conclusion of talks.
DJT is unpredictable, time and again saying one thing, then doing something entirely different.
Imposing tariffs on all Chinese imports up to 25% would draw a sharp Beijing response, widening differences between both sides, making resolution all the harder.
How much more time is agreed on to let talks continue hasn’t been announced. Multiple rounds of talks in Beijing and Washington left both sides world’s apart on key issues.
Treasury Secretary Mnuchin said 90% of them are resolved. Bilateral disagreements are on issues most important to China, including it sovereign right to develop economically, financially, industrially, and technologically — unobstructed by the US or other countries.
On Thursday, the Wall Street Journal said “Xi (will) present Trump with terms for settling (the) trade fight…”
Reportedly they’ll include lifting tariffs in place on Chinese imports, removing Huawei and its affiliates from the US blacklist, and rescinding the ban on US technology sales to the company.
Without resolution of major differences between both countries, Trump threatened to impose tariffs on all Chinese imports to the US — an additional $300 billion worth on top of what’s already targeted.
Ahead of the Xi/Trump meeting, China’s Global Times said “Beijing is aware that unless the Trump administration is willing to change its unrealistic demands and step back from hegemony against China, the outcome of the meeting between the leaders will not be significant,” adding:
“A string of actions, taken and to be taken by the US in the near future, has indicated that the Trump administration is piling pressure on China, which will inevitably cast a shadow on the two leaders’ meeting.”
China’s official People’s Daily broadsheet noted that the “world is currently confronted with raging unilateralism and protectionism, intense global economic and trade tensions, as well as rising global economic uncertainties” — the remarks directed at Washington.
Sino/US differences on major issues are world’s apart. Trump’s tariffs war, blacklisting Chinese tech companies, and banning technology exports to Huawei worsened bilateral relations.
The best to come out of Xi/Trump talks is delaying further US toughness to let them continue.
Resolving major differences will remain unattainable as long as unacceptable US demands aren’t softened.
My newest book as editor and contributor is titled “Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III.”