US President Donald Trump shakes hands with Chinese President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, western Japan on June 29, 2019.
The two sides have been making conciliatory gestures ahead of the talks, lowering the temperature between them and cheering investors. Trump has made clear he wants such elements to be part of a deal and has demonstrated his resolve through tariff increases, even when they dented gains in the stock market.
While welcoming China's overtures, US Treasury Secretary Steven Mnuchin sought to temper optimism in markets that the gestures might lead to a trade deal. US farmers, a core component of Trump's political base, have been among the hardest hit by the tariff battle that began more than a year ago and has escalated in recent weeks.
China has bought US pork despite tariffs of 62% in place since last year because huge numbers of pigs have been culled across the country as Beijing struggles to contain an outbreak of African swine fever. The world's biggest pork consumer has hiked imports to make up the shortfall.
Source: Financial Digest (financialdigest.net)
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