Donald Trump announced on Friday that new trade talks will take place on Monday in London between the United States and China, aimed at reaching an “agreement” regarding tariffs between the two economic giants.
This announcement followed a phone conversation Trump had with Chinese President Xi Jinping.
The meeting in the British capital will mark the second round of negotiations between the world’s largest economies since Trump launched his trade war against various allies and competitors, following an initial round of talks that took place last month in Geneva.
The U.S. President shared on his platform Truth Social that the American delegation will include Treasury Secretary Scott Pruitt, Commerce Secretary Howard Loudnik, and Trade Representative Jamison Greer. He expressed optimism, stating, “This meeting needs to go very well.”
While Trump has imposed a broad 10% tariff on imports from most of his trading partners, tariffs on Chinese goods have sharply increased amid the escalating tariff battle between the two nations.
In April, U.S. additional tariffs on numerous Chinese products reached 145%, to which China responded with countermeasures of 125%.
Following the Geneva talks last month, both sides agreed to temporarily reduce tariffs, resulting in U.S. tariffs at 30% and Chinese tariffs at 10%.
However, this temporary reduction is expected to expire in early August, and Trump recently accused China of breaching the agreement, indicating significant differences between the two countries.
Even though the phone call between the U.S. and Chinese leaders paved the way for higher-level trade discussions, a quick resolution to the tariff issues remains uncertain.