Trade tensions cool after US, China agree on framework at ASEAN summit

Trade tensions between the United States and China appeared to cool on Sunday ahead of a meeting between President Donald Trump and Chinese leader Xi Jinping, with the Chinese government suggesting that a mutual understanding had been reached between the world’s two largest economies.

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‘The talks followed China’s placing limits on the exporting of rare earth elements needed for advanced technologies and ‘Trump’ threat of an additional 100 per cent tariffs on Chinese goods. ‘The conflict has been poised to weaken economic growth worldwide.

China’ top trade negotiator, Li Chenggang, told reporters that the two sides had reached a “preliminary consensus” on areas of dispute and would seek to further stabilise the relationship. Trump also expressed confidence that an agreement was at hand.

“They want to make a deal and we want to make a deal,” he said. Trump reiterated his plan to visit China in the future and suggested that Xi could come to Washington or Mara-Lago, his private club in Florida.