US President Trump, China’s Xi Jinping likely to speak soon on minerals trade dispute
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US Treasury Secretary Scott Bessent said on Sunday that US President Donald Trump and Chinese President Xi Jinping are likely to speak soon to iron out trade issues including a dispute over critical minerals, per Reuters. These comments came after Trump on Friday accused China of violating an agreement with the US to mutually roll back tariffs and holding back products essential to the industrial supply chain. Market reaction At the time of writing, the AUD/USD pair is trading around 0.6448, up 0.25% on the day. US-China Trade War FAQs Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies. The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump pledged to impose 60% tariffs on China once he returned to…
Filed under: News - @ June 2, 2025 12:22 am