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Chinese Trade Negotiations to Continue at G20 Summit

Brian German Agri-Business, Trade

More trade negotiations are scheduled to take place at the upcoming G20 summit after a telephone call between President Donald Trump and Chinese President Xi Jinping.  Dialogue between the two counties had previously come to a standstill in the last round of negotiations, but President Trump indicated that there is potential for negotiations to progress.  “We will be having an extended meeting next week at the G-20 in Japan,” said President Trump via Twitter.

G20 SummitDelegates from both countries will begin talks before the meeting between President Trump and President Jinping at the G20 summit. The White House released a statement that said “the two leaders discussed the importance of leveling the playing field for U.S. farmers, workers, and businesses through a fair and reciprocal economic relationship. This includes addressing structural barriers to trade with China and achieving meaningful reforms that are enforceable and verifiable.”

Negotiations have been ongoing for some time now, as neither of the countries have been able to come to agree on two central issues.  At a recent roundtable in Minnesota, U.S. Deputy Secretary of Agriculture Steve Censky highlighted the factors that have thus far prevented a trade deal from being worked out.  “The ball is in China’s court, are they willing to address and come back to the table and address these long-standing market access barriers and theft of intellectual property, or not?” said Censky. “And I think farmers recognize that they want an agreement, but again, it has to be a good agreement.”

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Information recently released by Tariffs Hurt the Heartland indicates that the additional tariffs have cost American consumers and businesses $22 billion; $15 billion of which is a result of the increased tariffs on Chinese goods.  According to figures from the U.S. Census Bureau, overall April 2019 exports were down more than two percent from 2018.  Products directly impacted by retaliatory tariffs saw exports decline by nearly 30 percent for the month.

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Brian German

Brian German

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Multi-media Journalist for AgNet West