Trump and Xi Expected to Speak This Week Regarding Trade Issues

U.S. President Trump and Chinese leader Xi Jinping are expected to speak this week regarding trade issues, following Trump’s accusations against China about tariff agreements. The U.S. Trade Representative has extended exclusions on certain tariffs, and a recent court ruling impacts the ongoing negotiations. Treasury Secretary Bessent indicates the dialogue is aimed at resolving disputes over critical minerals and trade agreements.

President Donald Trump and Chinese President Xi Jinping are expected to have a conversation this week, as stated by White House Press Secretary Karoline Leavitt. This announcement follows Trump’s recent allegations against China for not fulfilling its part of an agreement related to tariffs and trade restrictions. The urgency of their discussion arises from lingering issues stemming from a tariff agreement reached in Geneva last month, which is part of a broader trade dialogue.

The exact timing of the anticipated call remains unclear. Treasury Secretary Scott Bessent mentioned on CBS’s “Face the Nation” that the leaders would connect “very soon” to tackle various trade concerns, including a disagreement over critical minerals and China’s export limitations on specific mineral resources. Trump’s confidence in a forthcoming dialogue with Xi may signal a push to refine trade relations further.

In recent developments, the U.S. Trade Representative’s office announced an extension for excluding certain solar manufacturing equipment and other products from existing tariffs on Chinese goods until August 31. This three-month reprieve is intended to facilitate ongoing negotiations with Beijing—a sign of the U.S. administration’s desire to maintain dialogue while these critical discussions unfold.

Bessent also highlighted the negotiations he led in Geneva last month that established a temporary truce in the trade war between the two nations. However, the Treasury Secretary acknowledged that progress has been sluggish since then. Following the U.S.-China agreement to temporarily reduce tariffs for 90 days, there was a significant uptick in global stock markets, highlighting the relief felt in the financial sector. Still, many underlying grievances about China’s state-led economic model remain unaddressed.

In a separate judicial twist, a U.S. trade court recently ruled that Trump had overstepped his authority with many of the tariffs rolled out under an emergency powers act. Nonetheless, within 24 hours, a federal appeals court reinstated these tariffs while it reviews the case. The appeals court has set deadlines for the plaintiffs and administration responses, creating a complicated legal backdrop to these trade negotiations.

In summary, President Trump and President Xi are likely to have a crucial conversation this week to address ongoing trade disputes, particularly following recent allegations from Trump concerning China’s commitments. The backdrop includes an uncertain extension of certain tariffs and a recent court ruling that complicates the situation. It appears both nations are trying to find common ground, but significant issues persist.

Original Source: www.yahoo.com