Trump and Xi Jinping to have ‘extended meeting’ on trade at G20 next week
Washington: President Donald Trump said he'll hold trade talks with Chinese President Xi Jinping next week while he's at a summit of nations in Japan. And US and Chinese negotiators will resume talks before the leaders meet.
In an escalating trade dispute with Beijing, Trump has already imposed 25% tariffs on $250 billion ($363b) in Chinese imports. And he's preparing to target the $300 billion ($436.5b) in Chinese imports that he hasn't already hit with tariffs, extending them to everything China ships to the United States.
The goal is to pressure Beijing to stop stealing American technology, forcing US businesses to hand over trade secrets and unfairly subsidising Chinese tech companies.
"Had a very good telephone conversation with President Xi of China," Trump tweeted. "We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting."
The White House said in a statement that the two leaders discussed levelling the playing field for US farmers, workers and businesses through a "fair and reciprocal" economic relationship. The White House said that includes addressing barriers to trade with China and achieving meaningful reforms that can be verified and enforced.
One of Trump's top economic advisers, Larry Kudlow, would not speculate on what will happen at the Trump-Xi meeting on the sidelines of the G-20.
"Talk is better than no talk," said Kudlow, director of the National Economic Council.
Appearing before the Senate Finance Committee on Tuesday, Trump's top trade negotiator sounded a cautious note.
"I can't predict what the United States is going to do or whether we're going to be able to resolve this issue with China," US Trade Representative Robert Lighthizer said. "My hope is that we can."
US businesses are imploring Trump not to expand his tariffs to $300 billion in goods from China or at least spare those imports that are of key importance to their customers.
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