China and the U.S. are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping
WASHINGTON - China and the United States are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, cheering financial markets with hope that an escalating trade war between the two countries would abate.
Talks to reach a broad deal broke down last month after U.S. officials accused China of backing away from previously agreed commitments. Interaction between the two sides since then has been limited, and Trump has threatened, repeatedly, to slap more tariffs on Chinese products in an escalation that businesses in both countries want to avoid.
Trump has threatened to put tariffs on another $325 billion of goods, covering nearly all of the remaining Chinese imports into the United States, including products such as cellphones, computers and clothing. Trump’s tweet offered fresh fuel to a rally on Wall Street as investors bet renewed talks could diffuse the trade war between the two economic giants. The S&P 500 gained nearly 1%, while the Nasdaq and Dow Jones Industrial Average both gained around 1.4%. All closed at their highest levels since early May when Trump knocked global stock markets by ratcheting up tariff rates on $200 billion of imported Chinese goods.
“Our position will continue to be we want structural changes. We want structural changes on all the items ... theft of IP, forced transfers of technology, cyber hacking. Of course trade barriers. We’ve got to have something that’s enforceable,” he told reporters at the White House.
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