Attention is turning to a possible meeting of President Donald Trump with Chinese leader Xi Jinping at a summit in Japan later this month as the next step in the vexing trade standoff between the two biggest economies.
The Chinese government would not confirm Tuesday that such a meeting will take place… Trump has imposed 25% tariffs on $250 billion worth of Chinese exports and is preparing to expand them to cover another $300 billion. Beijing has hit back with its own retaliatory tariff increases… Trump wants China to commit to curbing its longstanding, huge trade surplus with the U.S. The conflict also reflects deeper concerns over China’s ambitions to help its own industries gain a lead in key technologies such as robotics and artificial intelligence.
MacDailyNews Take: That’s a particularly wordy, obfuscating way of saying the U.S. would like for China to stop stealing American intellectual property.
Meanwhile, at a consumer electronics show in the business hub of Shanghai, a top executive of telecom gear maker Huawei Technologies hinted that pressure from Washington on other countries to exclude it from next-generation, or 5G, telecom networks is taking a toll on its sales.
MacDailyNews Note: President Trump earlier today tweeted:
Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting.
— Donald J. Trump (@realDonaldTrump) June 18, 2019