President Donald Trump announced that the United States is near a trade agreement with China and he would meet President Xi Jinping before the end of the year if negotiations succeed. Trump revealed to CNBC that Xi Jinping asked for a meeting but such a meeting would only happen if the negotiations produce positive results.
Trump revealed that the United States stands near a deal with China while relations between the two nations continue to show improvement. Treasury Secretary Scott Bessent announced last week that both parties had established the necessary elements for a deal following their Stockholm meeting to resolve disputes and extend their trade truce by three months.
China needs to finalize an agreement by August 12 to prevent tariffs from reaching triple-digit levels which would amount to a trade embargo. The two nations established initial agreements during May and June to reduce their reciprocal trade restrictions and restore rare earth mineral exports.
The administration of Trump plans to establish new tariffs on pharmaceuticals and semiconductors and chips which will primarily affect Chinese imports. The absence of a deal threatens to disrupt global supply chains according to analyst predictions.
