We chatted and we'll meet! Trump chats with Xi on the phone today and both agree to "extended meeting" at G-20
Jun 18, 2019
- President Trump tweeted this morning that he “had a very good conversation with President Xi of China,” surprising and exciting the market
- He added, “We will have an extended meeting next week at the G-20,” further exciting investors
- Speculation had been that a meeting would occur but until this point nothing had been confirmed
- President Trump threatened to hike tariffs if President Xi failed to meet with him at the G-20
- Talks have been suspended for over a month after the US claimed that China reneged on earlier points of their trade agreement
- Since then, the US has slapped 25% tariffs on $200 billion of Chinese exports to the US
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- Trump ended his tweet with, “Our respective teams will begin talks prior to our meeting”
- In China, its state-run China Central Television reported the same, saying President Xi is willing to meet with President Trump and exchange views on fundamental issues related to the development of the US-China relationship
- The last time the two leaders met at the G-20, in Argentina, they emerged with a 90-day no-tariff period that gave time for additional negotiations, the were ultimately suspended in May
- President Trump recently said he would only accept the terms of a trade agreement with China that were originally agreed to
- The timing of Trump’s tweet was especially surprising in that it came not long after he tweeted complaints about China and other countries manipulating their currencies to the detriment of the US