On Friday, Donald Trump announced that new trade discussions will take place on Monday in London between the United States and China, aiming for a “deal” regarding tariffs between the two economic giants.
This announcement follows a phone conversation between Trump and Chinese President Xi Jinping.
The meeting in the British capital marks the second round of negotiations between the world’s largest economies since Trump initiated his trade war against rivals and partners, following an initial negotiation round held last month in Geneva.
Through his platform Truth Social, the U.S. President revealed that the American delegation would include Treasury Secretary Scott Pessen, Commerce Secretary Howard Lutnick, and Trade Representative Jamison Greer, stating, “This meeting should go very well.”
While Trump imposed a comprehensive 10% tariff on imports from most of his trade partners, tariffs on Chinese goods have surged amid escalating tensions over trade policies.
In April, U.S. tariffs on many Chinese products reached an additional 145%, while China retaliated with countermeasures of 125%.
Following last month’s discussions in Geneva, both parties agreed to temporarily lower tariffs, resulting in U.S. tariffs sitting at 30% and Chinese tariffs at 10%.
However, this temporary reduction is expected to expire at the beginning of August, and Trump recently accused China of breaching the agreement, underscoring the significant disputes between the two nations.
Although the phone call between the two leaders paved the way for further high-level trade talks, a swift resolution to the tariff issues remains uncertain.