Beijing, June 27: China and the United States have agreed to a conditional truce in the world’s two largest economies’ trade war ahead of a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit scheduled this weekend in Osaka, Japan, state-run South China Morning Post on Thursday reported.
According to Reuters news reports, details of the deal, which would suspect the imposition of next sessions of US tariffs over additional Chinese goods worth $300 billion, are being issued publicly in a press release and will be disclosed as the press releases but not a joint statement.
Xi’s meeting with Trump is conditional upon the US agreeing to the tentative agreement, according to the newspaper reports, which cited one source having knowledge of the development.
The US president is prepared to hold a much-anticipated trade dialogue with the Chinese counterpart on Saturday at around 11:30 am (0230 GMT) in Osaka, a spokesperson for the White House on Wednesday told reporters.
On Wednesday, Trump has stated a trade pact was possible with Xi this weekend at the summit but he was set to impose the fresh US tariffs on all virtually remaining Chinese imports, if both the nations fail to reach any deal and remain at disagreement stance.
Beijing and Washington had already slapped each other with tariffs in May after the collapse of trade negotiations when the US accused China of stepping back on vows to reforming its economy.