Sunday, May 22, 2022

Trump and Xi agree on new trade talks


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at

US President Donald Trump and China’s Party and Party leader Xi Jinping have agreed to resume trade talks suspended for six weeks, China’s Xinhua News Agency reported. According to other Chinese agency reports, the United States is said to have initially imposed no new tariffs on imports from China. For the time being there was no confirmation from the American government.

The meeting with Xi was excellent, Trump said. It could not have been better. He assumes that China and the United States are back on track.

An interim agreement between Trump and Xi would for the time being eliminate one of the greatest risks to the global economy. In Osaka, number of G-20 leaders had expressed concern about rising trade tensions. A similar truce as reported, the two largest economies in the world had already agreed last November at a G20 summit.

Trump had been hoping for a trade agreement before meeting with Xi. Speaking of the failure of trade talks two months ago, the president said, “We were very close, and then something happened, and something slipped away.” He added. “It would be historical if we could get a fair trade agreement.”

According to Trump, both presidents had already made some progress during an informal conversation on Friday evening. He remained vague as to whether an agreement could be reached. “We met last night. A lot has actually been achieved, “said Trump. “Whether we can make a deal, time will tell.” The President underscored his personal assessment that he had “great relationships” with Xi Jinping.

The United States and China have been engaged in a bitter trade war for a year. Trump has covered around half of China’s imports with 25 percent special tariffs, while China has reacted with counter-tariffs. Trump recently threatened to extend the extra charges to the remaining $ 300 billion of China imports. He was considering tariffs of 10 to 25 percent.

The trade war slows both growth in China and in the United States. The global economy is also being throttled by uncertainty for investors, experts warn. The German export industry and the Chinese companies are already feeling the effects. Thus, the prospects have darkened significantly, especially in recent weeks, reported the German Chamber of Commerce in China.

Even while Trump and Xi were deliberating on their trade dispute on the sidelines of the G20 summit, Europeans and South Americans had their heads nailed. In Osaka, top politicians from the European Union and Mercosur trade union celebrated in a joint photo appearance the basic agreement announced on the evening before in Brussels on a free trade agreement between the two economic blocs. This ends negotiations, which began almost to the day exactly 20 years ago.

The EU and the Mercosur Confederation sent a statement of intent to multilateral trade treaties whose value is being challenged by the United States under Trump. “This deal is real,” said European Commission President Jean-Claude Juncker. He spoke of an agreement for open, fair and sustainable trade that was possible even in these turbulent times.

Read also: Trump and Putin at the sidelines of G20 summit, despite tense relationship

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