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USA, China agree on the Tentative Trade Truce ahead of the G20 summit: SCMP



FILE PHOTO: Flags of U.S. and China are displayed at the American International Chamber of Commerce (AICC) 's booth during China International Fair for Trade in Services in Beijing, China, May 28, 201

9. REUTERS / Jason Lee / File Photo

(Reuters) States and China have agreed to an attempt at truce in their trade dispute ahead of a meeting between leaders of the two nations at the G20 summit this weekend, South China Morning Post reported on Thursday quoting sources.

Details of the agreement which would halt the next round of U.S. tariffs on an additional $ 300 billion of Chinese goods are set in press releases and will be out as coordinated press releases and not a joint statement, the newspaper said.

Chinese President Xi Jinping's Meeting with US President Donald Trump is conditional on Washington agreeing to such a tentative agreement, SCMP reported, citing one source with knowledge of the plans.

Trump is set to hold much-anticipated trade talks with Xi in Osaka at 11:30 am. (0230 GMT) on Saturday, and White House spokesman told reporters on Wednesday.

Trump said on Wednesday that a trade deal with Xi was possible this weekend but he is prepared to impose U.S. tariffs on virtually all remaining Chinese imports if the two countries continue to disagree.

China and the United States have already imposed tariffs of up to 25% on hundreds of billions of dollars of each other's goods in a trade war that has lasted nearly a year.

Relations between Washington and Beijing have spiraled downward since talks collapsed in May when the United States accused China of reneging on pledges to reform its economy.

Reporting by Aishwarya Nair in Bengaluru; editing by Gopakumar Warrier

Our Standards: The Thomson Reuters Trust Principles

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