UPDATED 11:10 AM PT — Thursday, January 17, 2019
A high-level trade meeting between the U.S. and China is set to take place in less than two-weeks. China’s Ministry of Commerce has confirmed the Chinese vice premier will visit Washington on January 30, 2019, and meet with Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
The upcoming meet is seen as a sign great progress is being made with China after mid-level meetings recently took place in Beijing. It will be the highest-level meeting on the issue since President Trump and President Xi Jingping met in December, and agreed to a 90-day truce before tariffs would be increased. With the deadline set for March, the pressure is on both sides to make a deal.
At a recent event, Vice President Mike Pence discussed the current state of negotiations and the importance of making a deal.
“As the president has made clear, the United States is prepared to levy even more tariffs until China make much needed structural changes and signs a trade deal that works, not only for their nation but for ours, and we remain hopeful…that China will come to the table and finally enter into a fair and reciprocal trade relationship,” stated Pence.
A deal between the two sides would also greatly benefit the business community. Trade tensions have caused volatility on Wall Street, and have also caused some to be fearful of the long term impact if a deal isn’t reached.
However, J.P Morgan CEO Jamie Dimon said the business sector has the Trump administration’s back as he outlined the need for an agreement.
“This will be the most important relationship in the world for the next hundred years,” he stated. “I think it’s incumbent upon both of us to do a good job with it, I think the administration has laid out very important things about trade, I think the business community is supportive.”
President Trump has expressed optimism on trade, saying he believes China wants to make a deal. It looks like we’ll have a better idea in the current state of talks in just a matter of days.