Last week, President Donald Trump met with Chinese President Xi Jinping.
Now that the meeting is over and reports are trickling in, experts have concluded that Trump won the summit.
Xi offered several major concessions on beef and grain imports, he agreed to allow Americans to invest in China’s financial sector, and a major trade crisis was averted which will result in lower prices for American consumers.
Conservative Tribune reports:
At the summit, held last week at Trump’s Mar-a-Lago resort in Florida, Xi said he would lift the 13-year ban on American beef imports. Under the agreement, the Chinese would also buy more American agricultural products.
Xi also seems to be ready to let American firms invest more readily in Chinese financial firms, allowing larger stakes to be held. This would be part of a plan to avoid higher tariffs or trade barriers that could lead to a trade war — three wins for the Trump administration.
The three concessions were part of a wider 100-day plan that will be negotiated between the two powers, CNBC reported.
“This is the ‘good’ way to close the bilateral trade gap,” Carl Weinberg, chief economist at High Frequency Economics, wrote, according to the network. “U.S. consumers’ access to less expensive imported goods will be unaffected, but incremental jobs will be created by incremental production.”
Commerce Secretary Wilbur Ross said it was important for Trump to strike a deal with Xi, but he warned that trade talk could sour if the two countries don’t follow through.
“If we don’t get some tangible results within the first 100 days, I think we’ll have to examine whether it’s worthwhile continuing them,” Ross told Fox News on Sunday morning.
China described the meeting as “cordial.”
“We have a thousand reasons to get China-U.S. relations right, and not one reason to spoil the China-US relationship,” Chinese state media reported Xi as saying.
Here’s what Trump had to say:
…goodwill and friendship was formed, but only time will tell on trade.
— Donald J. Trump (@realDonaldTrump) April 8, 2017