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Riley Walters is a policy analyst in the Davis Institute for National Security and Foreign Policy at The Heritage Foundation.
The world held its breath in anticipation as President Donald Trump met with Chinese President Xi Jinping on June 28 on the sidelines of the Group of 20 leaders’ summit in Osaka, Japan.
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The outcome of their meeting was mostly unsurprising, despite conferring for almost an hour.
By the end, the two agreed to resume negotiations toward ending the U.S.-China trade war.
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Trump agreed to hold off on levying new tariffs on $300 billion worth of goods Americans buy from China. According to the president, they also discussed Chinese purchases of U.S. agricultural products and student exchanges.
Markets responded accordingly to the positive meeting.
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However, Trump also made some vague comments regarding allowing U.S. companies to continue selling products to Huawei Technologies Co., a Chinese telecommunications giant and U.S. national security concern.
That has unsettled the national security community.
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While we’re still missing a lot of details from what was actually agreed upon during the Trump-Xi meeting, the outcome was essentially what I predicted the same day as the meeting itself; namely, that they would agree to another trade war truce.
For now, it’s good to know there won’t be another tax increase on Americans who buy goods from China, but companies and consumers will still have to pay for the existing 25% tax on $250 billion worth of goods from China until a deal is done.
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There’s still no indication when we can expect to see a deal. Given how close the two sides were to making a deal just recently, I think we could see a deal before the end of the year.
On Monday, Trump reiterated that he wants to make a deal with Xi, and that he thinks Xi wants a deal, too.
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