Trump, Xi sit down for trade talks in Japan
- 5 years ago
트럼프-시진핑 오늘 무역전쟁 담판
The summit talks between U.S. President Donald Trump and Chinese President Xi Jinping started about half an hour ago.
To talk about this in more detail, I'm joined in the studio by the Director for Chinese Studies at the Sejong Institute, Lee Seong-hyon and our senior business correspondent Kim Hyesung.
Let's start with you Hyesung, who else is present at this high-stakes meeting and what have been the sticking points between the two sides so far?
Yes, Soo-young,
Participants include Presidents Trump and Xi, U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin, and Chinese Vice Premier Liu He.
For these trade talks, it's more than just reducing Washington's trade deficit with China, which was at 420 billion U.S. dollars in 2018.
Over the past months, the two made some progress on services, currency, agriculture and non-tariff barriers to trade.
It seemed like they were close to reaching a deal until President Trump accused Beijing of backtracking on previous agreements in May.
The sticking points right now are over how to enforce U.S. intellectual property protection, prevent forced tech transfers and U.S. demands on China to make structural changes like cutting subsidies for its state-owned companies.
For China, it doesn't want those changes written into law, saying it would undermine its sovereignty.
It also wants the U.S. to remove tariffs on Chinese imports.
Trump did tell reporters in Osaka Friday that he expects a productive discussion with Xi.
But the differences between the two sides are big, it's more like a tech war over who will dominate future high-tech industries.
Take a listen to what President Trump said at his G20 opening speech on Friday.
"We must also ensure the resilience and security of our 5G networks. This is essential to our shared safety and prosperity,
Thanks, Hye-sung for bringing us up to speed. Well, U.S. Treasury Secretary Steven Mnuchin projected some optimism ahead of the summit, saying the deal is 90 percent complete... but then Mr. Trump said he's prepared to impose extra tariffs if the talks fail.
So we're getting mixed signals. So my question to you, director is, whether you see a conclusive deal coming out of that meeting?
Right, the rest of the world has been affected by this months-long dispute. Particularly South Korea, which has been treading on eggshells, weighing the demands of its top security ally, the United States, and its top trading partner, China.
What has the impact been like on the global economy and on South Korea?
So far, the two sides have imposed tariffs worth a total of 360 billion U.S. dollars on one another.
That of course, impacts U.S. and Chinese consumers who are hit by higher prices.
But all this uncertainty has stirred up stock market volatility. It even wiped one trillion dollars off the global stock market a single day.
It also disrupts the global supply chains, hurtting production and lowering investment.
For a figure, the IM
The summit talks between U.S. President Donald Trump and Chinese President Xi Jinping started about half an hour ago.
To talk about this in more detail, I'm joined in the studio by the Director for Chinese Studies at the Sejong Institute, Lee Seong-hyon and our senior business correspondent Kim Hyesung.
Let's start with you Hyesung, who else is present at this high-stakes meeting and what have been the sticking points between the two sides so far?
Yes, Soo-young,
Participants include Presidents Trump and Xi, U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin, and Chinese Vice Premier Liu He.
For these trade talks, it's more than just reducing Washington's trade deficit with China, which was at 420 billion U.S. dollars in 2018.
Over the past months, the two made some progress on services, currency, agriculture and non-tariff barriers to trade.
It seemed like they were close to reaching a deal until President Trump accused Beijing of backtracking on previous agreements in May.
The sticking points right now are over how to enforce U.S. intellectual property protection, prevent forced tech transfers and U.S. demands on China to make structural changes like cutting subsidies for its state-owned companies.
For China, it doesn't want those changes written into law, saying it would undermine its sovereignty.
It also wants the U.S. to remove tariffs on Chinese imports.
Trump did tell reporters in Osaka Friday that he expects a productive discussion with Xi.
But the differences between the two sides are big, it's more like a tech war over who will dominate future high-tech industries.
Take a listen to what President Trump said at his G20 opening speech on Friday.
"We must also ensure the resilience and security of our 5G networks. This is essential to our shared safety and prosperity,
Thanks, Hye-sung for bringing us up to speed. Well, U.S. Treasury Secretary Steven Mnuchin projected some optimism ahead of the summit, saying the deal is 90 percent complete... but then Mr. Trump said he's prepared to impose extra tariffs if the talks fail.
So we're getting mixed signals. So my question to you, director is, whether you see a conclusive deal coming out of that meeting?
Right, the rest of the world has been affected by this months-long dispute. Particularly South Korea, which has been treading on eggshells, weighing the demands of its top security ally, the United States, and its top trading partner, China.
What has the impact been like on the global economy and on South Korea?
So far, the two sides have imposed tariffs worth a total of 360 billion U.S. dollars on one another.
That of course, impacts U.S. and Chinese consumers who are hit by higher prices.
But all this uncertainty has stirred up stock market volatility. It even wiped one trillion dollars off the global stock market a single day.
It also disrupts the global supply chains, hurtting production and lowering investment.
For a figure, the IM