Trump announces imminent meeting with Xi Jinping in South Korea within the upcoming weeks.
In a significant development, US President Donald Trump and Chinese leader Xi Jinping held a phone call, marking a crucial step towards resolving ongoing trade issues between the two nations.
During the conversation, both leaders expressed a desire for mutual respect, peaceful coexistence, and win-win cooperation. They made progress on several key issues, including trade, the opioid crisis, and the need to end the war between Russia and Ukraine.
However, no deals have been officially announced on these topics as of yet. The US administration has imposed additional 20% tariffs on Chinese goods, linked to allegations that Beijing has failed to stem the flow of opioids.
On the issue of intellectual property rights, Chinese officials have stated that a consensus was reached on their authorization, including the use of TikTok's proprietary algorithm. The details regarding who would own and control the algorithm remain unclear.
In a bid to address concerns about data security, Chinese officials have agreed to entrust a partner with handling US user data and content security for TikTok.
Trump, in a post on Truth Social, mentioned that Xi would visit the United States "at an appropriate time." He also confirmed plans to meet Xi Jinping at a regional summit in South Korea at the end of October. In addition, Trump plans to visit China in the "early part of next year."
The US-China Business Council's president, Sean Stein, expressed his pleasure at the call between Trump and Xi, calling it "a really important step in getting the trade relationship back on track."
Despite the progress made, many trade issues remain unresolved. These include tech export restrictions, Chinese purchases of US agricultural products, and the opioid crisis, particularly the issue of fentanyl.
The damage to US farm exports to China from January through July was 53% compared to the same period last year. The damage was even greater in some commodities, such as US sorghum sales to China, which were down 97%.
The ongoing trade talks between the US and China have seen four rounds, with another round expected in the coming weeks. Analysts interpret the Chinese statement as a willingness to "play hardball" and a need for concessions from Washington.
Trump, in a surprising remark, suggested that Russia's war in Ukraine could end if European countries impose higher tariffs on China. This statement, however, does not seem to be directly related to the ongoing trade talks between the US and China.
As the negotiations continue, both countries are hoping to reach a mutually beneficial agreement that addresses the concerns of both parties and sets the stage for a more harmonious relationship in the future.
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