U.S. and Chinese Leaders Hint at Trade War Breakthrough
U.S. President Donald Trump and Chinese President Xi Jinping seemed to indicate Friday that talks between the two countries have entered a new phase.
The more than one-year-old trade dispute between the U.S. and China may soon come to an end following statements by American and Chinese leaders on Friday.
Before boarding Marine One on Oct. 11, President Donald Trump suggested that talks with Beijing to end a series of escalating tariffs that began in early 2018 have seen significant progress in recent days.
According to the president, Chinese leaders agreed to purchase $40 billion to $50 billion in agricultural goods and other products in coming weeks.
“It looks like that deal is very much on it’s on way,” Trump told reporters outside the White House.
The spirit of détente was echoed by Chinese President Xi Jinping, who issued a statement to the White House on the same day, saying Chinese companies were expected to accelerate purchases of soy, beans and pork.
“Lately, the economic and trade teams of our two sides have stayed in communication and show each other goodwill, which has been welcomed by our two peoples and the international community,” a letter written by Xi said.
The trade war has been described as a mixed blessing for some middle-market investors. Companies like metal processors were hurt by increased prices while metal suppliers, for example, saw some gains.
Federal Reserve Chairman Jerome Powell, however, has blamed the trade conflict for slowing growth in the United States and abroad.
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Benjamin Glick is ACG Global’s marketing and communications associate.
