FILE PHOTO: Flag of the United States and China displayed at the American International Chamber of Commerce (AICC) trade show at China International Fair of Trade Services in Beijing, China, May 28, 201
( Reuters) – The United States and China have agreed to a provisional ceasefire in their trade conflict before a meeting of the leaders of the two nations at the G20 this weekend, South China Morning Post reported on Thursday, referring to sources.
Details of the deal, which would stop the next round of US tariffs on another $ 300 billion of Chinese goods, are posted in press releases and will be out as coordinated press releases and not a joint statement, the newspaper said.
Chinese President Xi Jinp's meeting with US President Donald Trump is conditional on Washington accepting such a preliminary agreement, SCMP reported, and quoting a source of knowledge about the plans.
Trump is set to hold expected trade talks with Xi in Osaka at 11:30 am on Saturday, a White House spokesman told reporters Wednesday.
Yesterday, Trump said a deal with Xi was possible this weekend, but he is willing to impose US tariffs on almost all remaining Chinese imports if the two countries continue to disagree.
China and the United States have already introduced tariffs of up to 25% on hundreds of billions of dollars of each other's merchandise in a trade war that has lasted almost a year.
The relationship between Washington and Beijing has spiraled down since the talks coincided in May, when the United States accused China of denying promises to reform the economy.
Reporting of Aishwarya Nair in Bengaluru; editing of Gopakumar Warrier