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Trump and Xi will meet at G20 summit
China and the United States are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, cheering financial markets with hope that an escalating trade war between the two countries would abate.
President Trump tweeted Tuesday that China and the United States are rekindling trade talks ahead of a meeting between him and Xi Jinping at next week's G20 summit.
The U.S. and China are in the middle of a costly trade war that has squeezed financial markets and damaged the global economy.
Talks between the two sides broke down last month.
Stocks rallied after Trump tweeted the news, with the Dow and S&P up more than 1%, as investors bet new talks could ease trade tensions between the world’s two biggest economies.
Chinese state media said Xi agreed to the meeting and emphasized in the call that economic and trade disputes should be solved through dialog.
Washington has already imposed 25% tariffs on $250 billion of Chinese goods, ranging from semi-conductors to furniture, that are imported to the United States.
In May Trump threatened to put tariffs on another $325 billion of goods, covering nearly all of the remaining Chinese imports into the United States, including products like cell phones, computers and clothing.
At a hearing in Washington Monday a wide range of U.S. companies told lawmakers that they have few alternatives other than China for producing clothing, electronics and other consumer goods.
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