The U.S. and China have agreed to forgo the next round of tariffs that President Trump threatened to impose on $300 billion in Chinese goods. That report comes from both U.S. media and the South China Morning Post. It comes ahead of a meeting between Trump and Chinese President Xi Jinping this weekend at the G-20 Summit in Osaka, Japan. One source tells the South China Morning Post that Trump’s decision to temporarily halt raising tariffs on more Chinese goods was President Xi’s price for agreeing to meet with him in Japan. It’s well known that agriculture has been one of the hardest-hit economic sectors by Trump’s trade dispute with China.
In other trade developments, U.S. Trade Representative Robert Lighthizer made a pre-Japan visit down Pennsylvania Avenue in Washington, D.C., this week to get more face time with House Democrats before heading overseas for the G-20 gathering. Trump’s trade boss left Democrats feeling more optimistic about getting their concerns with the U.S.-Mexico-Canada Trade Agreement resolved.