U.S. President Donald Trump said on Saturday he was open to a potentially “historic” trade deal with Chinese President Xi Jinping, as they began talks that could ease tensions or plunge the world’s two largest economies into a deeper trade war.
The dispute has already cost companies in both countries billions of dollars, disrupted global manufacturing and supply lines, and roiled global markets. Trump and Xi met on the sidelines of a Group of 20 (G20) summit in Osaka
“I actually think that we were very close and ... that something happened where it slipped a little bit, and now we’re getting a little bit closer,” Trump told Xi as the cameras rolled at the start of the closely-watched talks.
“But it would be historic if we could do a fair trade deal.
“We’re totally open to it, and I know you’re totally open to it.” He gave no details of what a deal would entail.
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The U.S. president has said he would extend existing tariffs to cover almost all imports from China into the United States if there was no progress from the meeting on wide-ranging U.S. demands for economic reforms.
Xi told Trump he was ready to exchange views on fundamental issues and stressed the need for dialogue over confrontation.
“Forty years on, enormous change has taken place in the international situation and China-U.S. relations, but one basic fact remains unchanged. China and the United States both benefit from cooperation and lose in confrontation,” Xi said.
“Cooperation and dialogue are better than friction and confrontation,” he added.
