- Chinese President Xi Jinping reportedly plans to present President Donald Trump with a set of conditions the US would have to meet in order to defuse trade tensions at a meeting Saturday.
- The Wall Street Journal reported early Thursday that Beijing is set to insist that Washington lift all $250 billion in tariffs levied on Chinese goods and its Huawei ban.
- The preconditions could complicate any discussion between Xi and Trump just ahead of planned tariff escalations.
Chinese President Xi Jinping plans to head into his meeting with President Donald Trump in Japan on Saturday armed with a set of conditions the US would have to meet in order to defuse trade tensions, according to The Wall Street Journal.
Citing people familiar with the discussions, the Journal reported early Thursday that Beijing is set to insist that Washington lift all $250 billion in tariffs levied on Chinese goods and halt pressure to ramp up imports from the US.
Officials also want the US to reverse a ban on the sale of US technology to the Chinese telecommunications firm Huawei Technologies, which was announced last month in an executive order. The move added another layer of conflict to the yearlong trade war between the largest economies, drawing backlash from Beijing and US allies.
The preconditions could complicate any discussion between Xi and Trump just ahead of planned tariff escalations. Trump has indicated that he would enact duties on virtually all imports from China if progress toward a deal isn’t made at the G20 summit, a move expected to send both economies reeling.
Trump’s trade advisers have sought to hammer out an agreement that would address practices like intellectual property theft and large-scale state subsidies in China, viewing tariffs as a potential way to enforce those policies. Advisers who are traveling with the president include Peter Navarro, who is seen as the most hardline trade negotiator in the White House.
Bloomberg reported on Tuesday, citing people familiar with the plans, that the US could be willing to pause plans to slap tariffs on an additional $300 billion worth of Chinese products. That would give trade negotiators the opportunity to reset negotiations, which stalled last month after Washington said Beijing reneged on prior commitments in a draft deal.
But administration officials have indicated that any outcome is possible, while Trump has oscillated between expressing optimism toward the meeting and threatening to escalate tensions.
In a Fox Business Network interview on Wednesday, the president said he is “very happy with where we are now” with China.
“We’re taking in a fortune, and frankly it’s not a very good thing for China, but it is a good thing for us,” he said, referring to tariffs.
A bonus just for you: Click here to claim 30 days of access to Business Insider PRIME