United States and China Looking to Step up Efforts for Trade Truce in G20
The United States and China have both intensified the ongoing efforts to strike a truce to their economic and trade struggle at the upcoming G20 meeting planned to be held in Argentina later this month. Negotiators from both the countries stepped up the negotiation process, after the phone call between Donald Trump and Xi Jinping on the 1st of November. The phone call entailed discussions between both the premiers about the commerce stand-off, and possible solutions to it.
Both United States and China have suffered as part of the trade and commerce stand-off. The urgency to adapt a more mature stance to the issue has increased. During the call, the premiers decided to discuss their commerce with each other on the sidelines of the G20 summit being held in Buenos Aires, Argentina on the 30th of November.
While there is a lot of optimism surrounding these talks, the chances of both the countries reaching an agreement are relatively low. There are really minute chances of a comprehensive trade deal being developed between the countries, as the United States views the overture a bit too late.
One financial officer from the United States government mentioned that the Nationwide Financial Council (NFC), which is responsible for coordinating financial coverage of assets, was looking for choices that might lead to a financial and commercial truce. However, it is believed that the core points will remain largely intractable.
Both the countries have maintained in contact after the November 1 phone call, with reports indicating that United States Treasury Secretary Steven Mnuchin had gotten in touch with the Chinese Premier Liu He by phone on Friday last week. Both figureheads discussed the possibility of trade discussions before the meeting in Buenos Aires, with Donald Trump already having mentioned that the meeting will be a good one. The call was initially reported by the Wall Street Journal, before being accredited by the Foreign Office.
The Chinese governments officials have, however, remained tight lipped about this call, and have not directly affirmed reports about the phone call between Liu and Mnuchin. However, the government has acknowledged recent communication between the nations, following the phone call between XI and Trump earlier the month.
“The two countries’ economic teams are in touch to implement the consensus reached by the two leaders.” The Chinese Assistant Commerce Minister Li Chenggang said, while speaking at a news briefing in Beijing on Tuesday. “We hope to achieve positive results with efforts from both sides.”
Both sides have been actively working to end this trade war that has left investors jittery over the impact on the American corporations and consumers.