U.S. President Donald Trump is expected to meet Chinese President Xi Jinping at the G-20 leaders' summit in late November to discuss trade relations, The Wall Street Journal reported.
"I believe it's always better to talk than not to talk," National Economic Council Director Larry Kudlow reportedly told CNBC on Oct. 11. Kudlow and Treasury Secretary Steven Mnuchin, who are planning for the potential Trump-Xi meeting in Buenos Aires, Argentina on the U.S. side, have been trying to get both countries back to the negotiation table to ease trade tensions, the Journal said.
The White House previously proposed holding bilateral trade negotiations with China in September, but Beijing turned down the offer after the Trump administration pressed ahead with a 10% tariff on $200 billion worth of Chinese exports, effective Sept. 24. The tariff increases to 25% at the start of 2019.
China reciprocated with its own duties on $60 billion of American goods, even as Trump threatened to impose another batch of tariffs on an additional $267 billion of Chinese imports.
Meanwhile, the U.S. Treasury is expected to not find China guilty of currency manipulation in a biannual foreign-currency report slated for release next week, government and industry officials told the Journal. However, China will remain in a monitoring list for possible currency manipulation given its significant trade surplus with the U.S., two people familiar with the matter told Bloomberg News.
The Chinese yuan traded 0.36% lower against the dollar as of 3:11 p.m. Beijing time on Oct. 12.
As of Oct. 11, US$1 was equivalent to 6.89 Chinese yuan.