US, China agree tentative trade truce ahead of G20 summit - SCMP

Thursday, 2019-06-27 13:15:34
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US President Donald Trump at a bilateral dinner meeting with Chinese President Xi Jinping during the G20 Summit, in Buenos Aires, Argentina, on Dec 1, 2018. (Photo: NYTIMES)
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The United States and China have agreed to a tentative truce in their trade dispute ahead of a meeting between leaders of the two nations at the G20 summit this weekend, the South China Morning Post reported on June 27, citing sources.

Details of the agreement, which would halt the next round of US tariffs on an additional US$300 billion of Chinese goods, are being laid out in press releases and will be out as coordinated press releases and not a joint statement, the newspaper said.

Chinese President Xi Jinping's meeting with US President Donald Trump is conditional upon Washington agreeing to such a tentative agreement, SCMP reported, citing one source with knowledge of the plans.

Trump is set to hold trade talks with Xi in Osaka at 11:30 a.m. (0230 GMT) on June 29, a White House spokesman told reporters on June 26.

Trump said on June 26 a trade deal with Xi was possible this weekend but he is prepared to impose US tariffs on virtually all remaining Chinese imports if the two countries continue to disagree.

China and the United States have already imposed tariffs of up to 25% on hundreds of billions of dollars of each other's goods in a trade war that has lasted nearly a year.

Reuters