Market Overview

Trump Says Trade Talks With China Have Restarted; Chinese Premier Pledges Equal Treatment For Companies

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Trump Says Trade Talks With China Have Restarted; Chinese Premier Pledges Equal Treatment For Companies

President Donald Trump's face-to-face meeting with his Chinese President Xi Jinping at the G-20 summit helped to renew broken trade talks, according to CNBC.

What Happened

Trade negotiations between U.S. and China hit a major roadblock in May, but talks have "already begun" following the G-20 summit, Trump was quoted as saying by CNBC. 

The president said any final agreement "has to be better for us than for them," which he said marks a reversal from China having "such a big advantage for so many years."

One of the demands coming from the American side is for better treatment of its companies in China, CNBC said in a separate story.

Chinese Premier Li Keqiang said Tuesday that his government will look at ways of generating a more equal playing field in the country for all companies.

Companies from the U.S. and other international companies operating in China often claim they are forced into sharing valuable technology and information to open business in the country.

Keqiang, the highest ranking politician in China after Jinping, said foreign-invested companies, Chinese state-owned enterprises and privately owned enterprises need to be "treated equally" so long as "they are registered in China."

Why It's Important

The business community "wants a productive relationship" with China, and a more friendly relationship is "fundamental to the health of the relationship," Charles Freeman, senior vice president for Asia at the U.S. Chamber of Commerce, told CNBC.

Recent improvements in sentiment between U.S. and China make for a "feel good" story so far, but there has been a lack of detail, Freeman said. 

"But we like the tenor." 

What's Next

Keqiang said the Chinese government will invite global business leaders and government officials to come to Beijing, although no specific timing and details were provided.

Related Links:

G-20 Recap: Trade Truce A Boost For The Market, Especially Chip Stocks

Trump Has A 'Plan B' If Trade Talks With China Fail

President Donald Trump and Chinese President Xi Jinping at a bilateral meeting Saturday, June 29 at the G-20 Japan Summit in Osaka. White House photo by Shealah Craighead.

Posted-In: China CNBC Donald TrumpNews Politics Global Media General Best of Benzinga

 

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