Monday, June 10, 2019
A widely anticipated meeting between Chinese President Xi Jinping and US President Donald Trump at the end of this month in Japan could be a formal face-to-face negotiation over dinner instead of a quick handshake and chat, a source who was briefed on the arrangement told the South China Morning Post.
The outcome of the meeting could decide whether tensions between the world's two largest economies will ease enough to allow for a resumption of negotiations, or whether the US will place tariffs on another US$300 billion worth of Chinese goods, bringing US tariffs to 25% on a total of $550B in Chinese goods.
George Magnus, an associate at Oxford University's China Centre, said that the US-China relations now lacks the effective institutional architecture for engagement and this is "why the state leaders have to spearhead some sort of rapprochement assuming that one or both actually want to".
US Treasury Secretary Steven Mnuchin said in an interview with CNBC on Sunday that the US president would be "perfectly happy" to impose the new tariffs if China did not wish to resume negotiations. Many analysts believe that imposition of 25% tariffs on all of China's exports to the US could have a devastating effect on the Chinese manufacturing sector and economy.
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