Trade War intensifies, increasing threat to tariff rates to challenge the G20 Summit’s leaders’ agreement.

Trade War intensifies, increasing threat to tariff rates to challenge the G20 Summit’s leaders’ agreement.

Trade War intensifies, Increasing Threat to Tariff Rates

The US-China trade war is going on for months now, as both the countries are not ready to come to a closure about their trade policies. The last meeting of US President Donald Trump and the Chinese president Xi Jinping was in Argentina, which was on the side lines of the G20 Summit.

A Chinese state researcher has reported that the US-China meet is still in the air, at the G20 Summit which is to be held in Japan. Trump and Xi were most likely to meet to come to a settlement regarding the trade war, but Zhang Yenshang, the chief research fellow at the state, says that given the conditions, Beijing is not in a condition to settle the trade war any soon.

The Foreign Ministry spokesperson of China, Lu Kang has said that, China is ready to resume the trade talks with US, but the sanctions US has placed on Huawei and many other Chinese firms in the last week are not creating a helpful environment for the agreements. Further, the US President Trump banning the US companies from using foreign telecommunications, has even more intensified the trade war. The top US software companies including Google and Microsoft have cancelled the license of the Chinese brand Huawei. Even with this increasing tension, Trump has agreed to meet the Chinese President in the G20 Summit t be held in Japan.

“Leaders of China and the US will meet late next month in Japan and I hope there will be positive news [from the meeting], however, [any breakthrough] would not be easy because it is actually very difficult for the US side to form a powerful and systematic correction that can right the wrongs made by [President] Trump,” the former Governor of People’s Bank of China, Dai Xianglong said adding he had no direct knowledge of the meeting arrangement.

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