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Trump says U.S., Chinese teams to restart trade talks ahead of G20

EconomyJun 18, 2019 06:54PM ET
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© Reuters. FILE PHOTO: FILE PHOTO: FILE PHOTO: U.S. President Donald Trump and China's President Xi Jinping meet business leaders at the Great Hall of the People in Beijing

By Jeff Mason

WASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday he had spoken to Chinese President Xi Jinping and that the two leaders' teams would restart trade talks after a long lull in order to prepare for a meeting at the G20 summit later this month.

The United States and China are in the middle of a costly trade war that has pressured financial markets and damaged the world economy. Talks between the two sides to reach a broad deal broke down last month and interaction since then has been limited.

Trump had made no secret that, despite his threat to escalate the dispute with more U.S. tariffs on Chinese goods, he wanted to meet with Xi at the Group of 20 meeting in Japan next week.

Though he had repeatedly said the two parties would talk, the Chinese side had not confirmed a meeting would take place.

In a Twitter post, Trump said he and his Chinese counterpart had agreed to start preparations during a phone call.

"Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting," Trump tweeted.

Chinese state media said Xi agreed to the meeting and emphasized in the call that economic and trade disputes should be solved through dialogue.

“The key is to show consideration to each other's legitimate concerns,” Xi said. “We also hope that the United States treats Chinese companies fairly. I agree that the economic and trade teams of the two countries will maintain communication on how to resolve differences.”

The confirmation of a meeting avoids the possibility of a snub to Washington that could have triggered another round of tariffs.

Trump expressed optimism that a deal could be reached.

"I think we have a chance. I know that China wants to make a deal. They don't like the tariffs, and a lot of companies are leaving China in order to avoid the tariffs. I have a very good relationship with President Xi. We'll see what happens," he told reporters.

Stocks extended gains as investors bet new talks could ease trade tensions between the world’s two biggest economies.

“This is a very positive development," said Clete Willems, a former trade negotiator with Trump's team, who cited the importance of a meeting between Xi and the U.S. president at the last G20 in Argentina.

"Leader level engagement at last year’s G20 was critical to jumpstarting the talks. It will be essential to managing the current political dynamic and getting the talks back on track once again.”

Washington has already imposed 25% tariffs on $250 billion of Chinese goods, ranging from semi-conductors to furniture, that are imported to the United States.

Trump has threatened to put tariffs on another $325 billion of goods, covering nearly all of the remaining Chinese imports into the United States, including products such as cell phones, computers and clothing.

(Refiles to fix tense in third and fourth paragraphs)

Trump says U.S., Chinese teams to restart trade talks ahead of G20
 

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squall lionheart
squall lionheart Jun 19, 2019 2:10AM ET
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translation = trump wants to manipulate the market higher
Andrew Hook
Andrew Hook Jun 18, 2019 11:30PM ET
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Meanwhile in America orange neck think donkey D will get the job back. Problem they are unqualified to do it. Hey guys that should be hard to start in life with debt (school) then having to choose between some surgery and paying back your loans. lol
Lynn McCord
the907man Jun 18, 2019 11:14PM ET
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Americans would rather see the full tariffs take effect and remain for a year or two. I hope Xi acts like a jerk and ticks off The President. America deserves a long and much needed break from those lying, cheating losers.
David Wong
David Wong Jun 18, 2019 11:14PM ET
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If you want to call someone a lier, a cheater, first you need proves, without proves, is all he said she said thing. China is based on Confucius teaching, so lying and cheating does not fit the bill.
Gary Gee
TheGman Jun 18, 2019 11:14PM ET
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Ok, just because you study Confucius doesn't make you immediately infallible. Police enforce the law but it doesn't mean there aren't corrupt ones among the many good ones. ******threw degenerates and drug addicts into labor and *****camps and yet he was a degenerate drug addict himself. *******use religion in defense of horrific acts and it doesn't make them right by any means...no more right than the voices in someone's head telling them to do terrible things. Statistically speaking, nobody inside Xi circle has been brought up on corruption but those not directly connected to Xi have...so either his circle of friends is the most infallible group of people, or they protect their own... which is corruption. Who knows? Why would China need to control media if the truth would speak for itself? controlling what story you tell your people is how you breed extremists, whether its nationalists, terrorists, or political extremes that listen only to one view or news channel.
Gary Gee
TheGman Jun 18, 2019 11:14PM ET
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i love how the censorship on here bleeps things like hitt tlher, muhrder, and tearrorhist. You can sub the stars in that order. Can't even talk history here...geez
Gary Gee
TheGman Jun 18, 2019 11:14PM ET
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in any case David, it's to say don't but so much faith in your leadership when you can't even get the whole news story to do proper research.
Fred Smith
Fred Smith Jun 18, 2019 10:30PM ET
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Communist China is not needed. They had a great deal and walked away.
Paul Manefee
Paul Manefee Jun 18, 2019 9:43PM ET
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Tariff on until the Chinese can be liberated from CCP. Be tough Trump, don’t back down
David Wong
David Wong Jun 18, 2019 9:43PM ET
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Trump is done if he doesn't get a deal soon. US consumers will pay the tarriffs not China. Second half US hoousehold will suffer big if there is no trade deal. 60% of US don't even have $600 for emergency. They will feel this tarriffs soon if there are no trade deal. Trump will bend soon and workout a deal.
Kenny Yap
Kenny Yap Jun 18, 2019 9:43PM ET
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R U on drug overdosed???
Hank Williams
Hank Williams Jun 18, 2019 9:00PM ET
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Would love to see China hold out and see what kind of temper tantrum gets thrown.
Ho DoKe
Ho DoKe Jun 18, 2019 8:05PM ET
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Trump desperate for deal . His election next year needs momentum. China and India have to drag it out otherwise they have Donald trade merry go round  for another 4 years .
Joe Tan
Joe Tan Jun 18, 2019 5:31PM ET
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It seems that Trump is eager to meet President Xi. Or he is confident of striking a trade deal once he meet President Xi face to face?
David Wong
David Wong Jun 18, 2019 5:30PM ET
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I have been telling you guys ... you have to be mice to China and market is happy. When she is mad and roars, all global market crumbles. Trump lost and have to call Xi up. If he doesn't meet China halfway, we will hear the loudest China roar of the year. The world needs China more than China needs the world. They have 1.4B consumers so can easily sustain themselves. But global economies will hurt badly without China deal.
Ho DoKe
Ho DoKe Jun 18, 2019 5:30PM ET
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China prefers to take the hard medicine now and prevent Trump being re elected. Xi only needs to play this until Nov 2020. Trump is frustrated . Trump is so desperate for a deal he may offer Xi a back door way out.
Danny Thai
Danny Thai Jun 18, 2019 5:30PM ET
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Roaring like a 60 years starving-animal from the jungle?Who needed that starving animal from ww2-1980? Com’on, give us a break!China does have 1.4 people of starving at first! Go and read your own 5,000 years of history and behave better: some 300 hundred years of opinum war with the western humiliated!
Gary Gee
TheGman Jun 18, 2019 5:30PM ET
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I'm tired of reading your posts David, constantly trolling posts about China. Get some new material, nobody cares, its one more message I have to skip over that doesn't provide anything insightful.
Gary Gee
TheGman Jun 18, 2019 5:30PM ET
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oh yes, tankman tank man firewall
Michael Angelo
Michael Angelo Jun 18, 2019 5:29PM ET
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I start thinking that the comments here are made by bots otherwise is ridiculous that ANYONE could believe that talks are back. Which channel were you watching this year?
Fred Smith
Fred Smith Jun 18, 2019 3:08PM ET
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Communist China should stay out of g20. USA doesn't need them. They had a deal, so now go away, our mkts are great
Andrew Hook
Andrew Hook Jun 18, 2019 3:08PM ET
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Lol actually you have no idea what is G20. Yes US can make a G1 but it is hard to negotiate something. Big lol
David Wong
David Wong Jun 18, 2019 3:08PM ET
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G20 needs China more more than thry need the US. China is the corner of all trades for all nations.
Hank Williams
Hank Williams Jun 18, 2019 2:51PM ET
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How is market going up? Every analyst I hear has been saying for some time they are in all cash. Guess they have to say that so they look smart when the market goes down.
Ji Go
Ji Go Jun 18, 2019 12:11PM ET
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Chinese media confirmation is great for sentiment. SPY 300 until Powell comes out saying Fed will monitor but not cut.
Kenny Yap
Kenny Yap Jun 18, 2019 12:01PM ET
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Either no.1 manipulator or his ***already drop bcos USA Big Enterprise pressure him for trade deal conclution, its now or he lose D election...HAHAHA
Ap Pa
Gekko69 Jun 18, 2019 11:52AM ET
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Means absolutely nothing if you look at the past
Anno Pan
Anno Pan Jun 18, 2019 10:54AM ET
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He must have closed all his short positions and opened lots of long positions. Trump is a good player in share market. Very typical pump and dump case in textbook.
Ng Zen ng
Ng Zen ng Jun 18, 2019 10:41AM ET
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Big boys talking . Good news . Some talk better then no talk
Ap Pa
Gekko69 Jun 18, 2019 10:41AM ET
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Lol all talk like before, means nothing. China wants what they and trump wants what he wants and cant get
Jun Man
Jun Man Jun 18, 2019 10:22AM ET
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Really? Is it going to happen or is Trump pumping the market?
Tar Jay
Tar Jay Jun 18, 2019 10:22AM ET
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Since it clearly worked with Mexico...it'll probably work with the other leech that depends upon the good will of the USA.
Kenny Yap
Kenny Yap Jun 18, 2019 10:22AM ET
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Tar Jayu can bully third world country, try that on europe to see what happen!!!!
Jason Choi
Jason Choi Jun 18, 2019 10:09AM ET
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Hope the trade wall can be ended by end of this month.
Jonathan Ng
Jonathan Ng Jun 18, 2019 10:05AM ET
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Finally a good news
Michael Angelo
Michael Angelo Jun 18, 2019 10:05AM ET
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Do you Believe? Was just to keep people believing in Santa...
Tar Jay
Tar Jay Jun 18, 2019 10:05AM ET
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Michael AngeloChina doesn't want to collapse...and without the USA, it's collapse is completely guaranteed.  A deal is forthcoming.
 
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