President Donald Trump and Chinese President Xi Jinping are both facing intense domestic pressure to de-escalate the trade war between their countries as they prepare to meet on Saturday in Japan.China to make vast structural changes to its economy while also buying more U.S. farm and manufactured goodsXi needs Trump to lift the tariffs he has put on Chinese imports.
The U.S. government has collected billions of dollars of additional tariff revenue, but that barely has made a dent in the nation’s skyrocketing budget deficit as a result of Trump’s tax cuts and increased federal spending. Farmers are hurting, with farm exports to China projected to plunge to $6 billion this year from $26 billion during the Obama administration. And U.S.
“We should meet each other halfway, which means that both sides will need to compromise and make concessions, and not just one side,” Wang Shouwen, China’s vice minister of Commerce and a top deputy on the negotiating team,Still, flagging growth and soaring food prices in China are creating pressure on Xi to make a deal.
The severe stress on Chinese telecommunications giant Huawei, which the U.S. Commerce Department put on a trade blacklist last month over national security concerns, is another pressure point for Xi. The average Chinese citizen might not feel much impact as result. But it would discredit Xi’s leadership and could force China to cut spending on its “Belt-and-Road” infrastructure initiative that spans Asia, the Middle East, Africa, Europe and Latin America.
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