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The two world leaders will meet face to face later today and for the second year in a row, the meeting will dominate the annual G20 summit in Osaka Japan.
The trade delegations from both sides were scheduled to meet before the one-on-one with the two world leaders and Vice Premier Liu was spotted headed into Ambassador Lighthizer’s hotel in Osaka earlier this morning local time.
Senior Chinese trade negotiators tell FOX Business, no new concessions will be made until the U.S. suspends all tariffs on Chinese imports. “China has always been against unilateral sanctions and economic bullying. As far as the Chinese side is concerned, the U.S. tariffs have inflicted serious harm on global trade relations and the US should take meaningful steps to repair a mutually beneficial bilateral relationship.”
To that point, Huawei Technologies continues to suffer from the U.S. ban, as the CEO says revenue for the next two years will fall short of projections by $30 billion dollars. The Chinese insist Huawei must be a part of any continued negotiations and urge the U.S. to remove the telecommunications company from the Department of Commerce Entity List.
"The US should correct this wrongdoing of illegitimately attacking foreign businesses,” said a Ministry of Commerce official.
The investment community is skeptical a deal can be reached, especially in just 90 minutes—but many investors remain hopeful both sides will agree to a truce and renew negotiations, potentially staving off another round of tariffs set to hit all Chinese imports.
Earlier this week, President Donald Trump on Wednesday vowed to impose additional tariffs on China if a trade deal is not reached.
“When tariffs go on in China we are taking in billions and billions of dollars — we never took in 10 cents — now you have another $325 billion that I haven’t taxed yet — it’s ripe for taxing — for putting tariffs on,” he said during an exclusive interview with FOX Business’ Maria Bartiromo.
Despite the uncertainty, investors continue bidding up U.S. stocks as the Dow Jones Industrials wrap the best June in 81 years, while the S&P has its best in 64 years.