Chinese President Xi Jinping and U.S. President Donald Trump are expected to meet for a working dinner on the margins of the G20 summit in Osaka June 28-29.
Trump told reporters Monday about the planned meeting with Xi Jinping at the G20. At the same time, the U.S. leader warned in an interview with CNBC that the U.S. authorities would immediately introduce additional duties on Chinese goods if the Chinese president did not come to the G20 summit in Osaka.
According to the interviewed analysts, the meeting between the leaders of the two countries in the context of the current escalation of trade war between the U.S. and China seems to be very relevant, even if it does not affect the settlement of disputes. “Global stock markets want to make sure that the channels of communication at the highest level between the leaders of the two leading economic powers remain open,” said John Quelch, dean of the Miami School of Business.
On May 10, the U.S. duties were once again raised from 10% to 25% with regard to Chinese products by $200 billion. Trump ordered to start the process of increasing duties on goods from China by another $300 billion. The U.S. side explained its actions by the fact that Beijing deviates from the agreements reached earlier in consultations on trade issues. In response, the Chinese authorities introduced reciprocal duties on more than 5,000 U.S. goods items worth $60 billion starting June 1