Following the G20 summit in Japan this past weekend, United States President Donald Trump agreed to continue trade talks with Chinese leader Xi Jinping after tensions peaked with a trade war between the two nations.
In fact, after threatening tariffs on $300b worth of Chinese goods, Trump conceded, and even announced that the United States would continue to sell to the tech giant Huawei.
The U.S. President announced these negotiations as a win for the nation, but it is disputed that China actually benefited the most from these talks.
Still, American consumers will benefit more from this cease on tariffs, as it forfeits an additional $12b in hiked costs that would be imposed otherwise.
Moreover, Chinese business have also suffered from this trade war as one of the world’s largest economies, and there are still other sanctions in place between the two countries.
The United States has continued to press the Chinese government on its commitment to end subsidies to state owned companies.
Tensions escalated over the past year when President Trump accused Jinping and the Chinese government of stealing intellectual property while the Asian nation exclaimed how American businesses were unrealistic in their expectations for Chinese reform.