Flags of US and China are displayed at AICC's booth during China International Fair for Trade in Services in Beijing, China. File photo/ Reuters
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 Thursday, citing sources.
Details of the agreement, which would halt the next round of US tariffs on an additional $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 much-anticipated trade talks with Xi in Osaka at 11:30am (0230 GMT) on Saturday, a White House spokesman told reporters on Wednesday.
Trump said on Wednesday 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.
Relations between Washington and Beijing have spiraled downward since talks collapsed in May, when the United States accused China of reneging on pledges to reform its economy.
China’s factory activity shrank more than expected in June, an official manufacturing survey showed, highlighting the need for more economic stimulus as US tariffs and weaker domestic demand ramped up pressure on new orders for goods.
The White House said on Friday that President Donald Trump is delaying a decision by up to six months on whether to impose tariffs on imported cars and parts to allow for more time for trade talks with the European Union and Japan.
China on Saturday increased tariffs on billions worth of US goods as it prepares to unveil a blacklist of “unreliable” foreign companies that analysts say aims to punish US and foreign firms cutting off supplies to telecoms giant Huawei.
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