- Home
- World
- News
- Societe Generale Head Says US-China Row Likely to End by Spring for Trump's Election Bid
Societe Generale Head Says US-China Row Likely To End By Spring For Trump's Election Bid
Sumaira FH Published September 13, 2019 | 02:50 PM
Lorenzo Bini Smaghi, the chairman at Societe Generale, believes that the US-China trade war may finish by spring of next year, as US President Donald Trump will need an agreement with Beijing in the run-up to the next presidential election
BRUSSELS (UrduPoint News / Sputnik - 13th September, 2019) Lorenzo Bini Smaghi, the chairman at Societe Generale, believes that the US-China trade war may finish by spring of next year, as US President Donald Trump will need an agreement with Beijing in the run-up to the next presidential election.
"One year from now, we will have the election in the United States. At some point Trump has to close the deal. And hopefully it will be for his own success to show himself as the president that has achieved something for the election. I think that he will have at a certain point to stop the war and show some sign of the end of the war with some success. I think that at the latest towards the spring of the next year this has to come to an end," Bini Smaghi told Sputnik.
According to him, it is not in the interests of the incumbent president to participate in the election with tensions that have a negative impact on the economy.
Washington and Beijing have been engaged in a trade war since summer 2018, when the United States hiked duties on $50 billion worth of Chinese imports in a bid to balance the trade deficit. Since then, the two countries have exchanged several rounds of reciprocal tariffs.
In June, Trump and Chinese leader Xi Jinping met on the sidelines of the G20 summit in Osaka to discuss their trade discord and confirmed their readiness to reach a mutually acceptable agreement. On August 1, however, Trump announced the introduction of another 10 percent tariff on Chinese imports, blaming Beijing for not keeping its promise to buy more US agricultural products.
The two countries have agreed to hold a new round of trade negotiations in early October.
Related Topics
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From World
-
Slot 'confident' of Liverpool job as 'negotiations' take place
2 hours ago -
Google parent Alphabet's Q1 profits beat estimates: company
3 hours ago -
WADA asks 'independent prosecutor' to examine Chinese swimmers case
3 hours ago -
New York court overturns Harvey Weinstein sex crime conviction
3 hours ago -
Bagnaia and Spanish rivals chase victory at Jerez
4 hours ago -
Russian, Ukrainian strikes kill at least 10 in frontline regions
5 hours ago
-
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
5 hours ago -
Tourism must change, mayor says as Venice launches entry fee
5 hours ago -
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leave after 20 years of ..
5 hours ago -
Putin says plans to visit China in May
5 hours ago -
US reinstates open internet rules rescinded under Trump
5 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
6 hours ago