Next Round of US China Tariffs on Hold Pending Settlement Talks at the G-20
China and the US are trying to reach a trade truce ahead of the G-20 meeting US stock rally on the news.
US Trade Representative Robert Lighthizer has told some industry executives that another round of tariffs on Chinese imports has been put on hold as the 2 nations pursue talks, the FT reported Thursday, citing an unnamed person familiar with the situation.
A spokeswoman for Mr. Lighthizer could not immediately be reached for comment.
Reuters reported Wednesday that China had delivered a written response to Washington’s demands, citing 3 US government sources. However, the sources gave no details and it was not clear if the response contained concessions that would satisfy President Trump.
The back-and-forth on trade comes ahead of an expected meeting between President Trump and Chinese President Xi Jinping on the sidelines of a G-20 Summit in Argentina at the end of November and in early December.
While 2 industry sources familiar with the contents of the response told Reuters it was largely a restatement of previous Chinese commitments, it was seen as a necessary starting point for continued negotiations.
It now appears that the 2 world powers are close to a favorable deal on trade, and will move to relieve the tensions that have roiled the market for the last few months.
When President says, “America First!” he means it, China has suffered extensive financial pain and it stock market is deep in Bear market territory, having lost over $4-T in market capitalization.