US President Donald Trump will meet with Chinese President Xi Jinping next week for the second time this year, as the two leaders seek stability in a relationship strained by issues ranging from trade to Taiwan and Iran to global concerns about artificial intelligence.
Xi arrives for his first White House visit in a decade, leading an economy on course to produce a $1 trillion trade surplus for the second consecutive year. Trump, entrenched in the Iran war and with dismal support ratings, is seeking for trade victories to brag about to Americans fed up with rising prices.
Markets will look for signals of an extension of the tariff truce, which was announced following a Trump-Xi summit in South Korea last October and is slated to expire on November 10. That agreement halted a trade war in which the world’s two largest economies threatened global supply lines with tariffs that exceeded 100 percent.
US Trade Representative Jamieson Greer stated that the countries will make “some announcements on agriculture and non-tariff barriers” this month. Traders will be looking for progress on an agreed mutual tariff reduction covering $30 billion in goods, which China could easily take by cutting duties on US agricultural imports. US officials say they have continued to press China to rectify its noncompliance with last year’s accord, while Beijing has sought additional tariff relief.
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