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Home / Business / US and China agree preliminary truce ahead of G20 summit: SCMP

US and China agree preliminary truce ahead of G20 summit: SCMP



FILE PHOTO: Flags of the US and China will be displayed at the booth of the American International Chamber of Commerce (AICC) during the International Trade Fair for Services in Beijing, China, on May 28, 201

9. REUTERS / Jason Lee / File Photo

(Reuters) – The United States and China have agreed on a tentative cease-fire before leaders of the two nations met at the G20 summit over the weekend, the South reported China Morning Post on Thursday, citing sources.

Details of the agreement, which would stop the next round of US tariffs on another $ 300 billion in Chinese goods, are published in press releases and are published as coordinated press releases rather than a joint statement, the newspaper said.

The meeting of Chinese President Xi Jinping with US President Donald Trump depends on Washington's approval of such a preliminary agreement, SCMP reported, citing a source of knowledge of the plans.

Trump is expected to host eagerly awaited trade talks with Xi in Osaka on Saturday at 11.30am (2:30 CET), a White House spokesman told reporters Wednesday.

Trump said Wednesday that a trade agreement with Xi is 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 nearly one-year trade war.

Relations between Washington and Beijing have been weakening since the collapse of talks in May, when the United States accused China of renouncing commitments to reform its economy.

Reporting by Aishwarya Nair in Bangalore; Edited by Gopakumar Warrier

Our Standards: The Thomson Reuters Trust Principles.

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