China says U.S. has agreed to keep talking amid escalating trade war
Trump also said on Monday that he expected to meet with Chinese President Xi Jinping at a G20 leaders summit in Japan in late June.
As negotiations toward resolving the U.S.-China trade war stalled last week, Trump escalated pressure by increasing tariffs on Friday to 25% from 10% on a previous, $200 billion list of Chinese imports. Some members of Congress who have been supportive of Trump’s tough stance on China expressed concern that the president is escalating tariffs without an exit strategy.
However, the onshore yuan weakened 0.1% to its lowest level since Dec. 27, 2018, trading at 6.8874 per dollar, after China’s Foreign Ministry said it hoped the United States does not “underestimate China’s determination and will to safeguard its interests.” Sources have said talks stalled after China tried to delete commitments from a draft agreement that its laws would be changed to enact new policies on issues from intellectual property protection to forced technology transfers.
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