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 powerhouses.
This announcement followed a phone call with Chinese President Xi Jinping.
The meeting in the British capital will represent the second round of negotiations between the world’s largest economies since Trump initiated his trade war against both adversaries and partners, following the first round of talks held last month in Geneva.
The U.S. delegation will include Treasury Secretary Scott Piesen, Commerce Secretary Howard Lighthizer, and Trade Representative Jamieson Greer, as indicated by the U.S. President on his platform Truth Social, adding that “the meeting should go very well.”
While Trump implemented comprehensive tariffs of 10% on imports from most trading partners, duties on Chinese goods soared significantly amid the escalating tariff battle between the nations.
In April, additional U.S. tariffs on numerous Chinese products reached 145%, while China retaliated with countermeasures of 125%.
Following last month’s Geneva talks, both sides agreed on a temporary reduction in tariffs, lowering U.S. tariffs to 30% and Chinese tariffs to 10%.
However, this temporary reduction is expected to expire by early August. Notably, Trump accused China last week of breaching the agreement, highlighting the deeper conflicts between the two nations.
Although the recent phone call between the two leaders paved the way for further high-level trade discussions, the prospect of a quick resolution to the tariff issue remains uncertain.