Donald Trump and Xi Jinping agree, again, to a truce. Will this one last?
XI JINPING and Donald Trump claim to be fond of each other. After a year of spiralling disputes between America and China, their professions of friendship are hard to believe. But it is true that whenever they get together, they usually succeed in stabilising their countries’ relationship, at least for a time. Their meeting on June 29th, on the sidelines of the G20 summit in Osaka, appears to have delivered again.
America’s decision to hold off on further tariffs had been expected, because China had made that a precondition for the resumption of talks. But it is important all the same. America has so far levied tariffs of 25% on $250bn-worth of Chinese imports, about half of what China sells to America. Mr Trump had threatened to slap tariffs on almost all remaining Chinese imports if the talks with Mr Xi went badly.
In some ways, too, the political dynamics have become worse. Mr Trump is heading into an election year and does not want to appear soft on China. In China itself the field has tilted in favour of those advocating a more unyielding stance. Since the breakdown in trade talks in early May, state media have unleashed a bombardment of commentaries that are highly critical of America.
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