The G20 summit will be held on June 28-29 in Osaka, Japan, and just like last year, the only thing that will interest investors is the meeting of the U.S. President Donald Trump and the Chinese President Xi Jinping.
Trump has continuously mentioned that he is ready to meet with Xi Jinping in the summit, but Beijing has yet to confirm.
“China does not want to fight a trade war, but is not afraid of one. If the U.S. side is willing to have equal consultations then our door is open. If the U.S. side insists on escalating the trade friction, we will firmly respond and fight to the end,” said Foreign Ministry spokesman Geng Shuang.
The fate of $300 billion worth of consumer goods including cell phones, computers and clothing lies on the decision of two leaders who are supposed to meet later this month.
The G20 summit was supposed to be the place where Trump and Xi could have signed the agreement on their trade deal. However, things went south in early May after the U.S. accused China of reneging on earlier commitments, then imposed 25% tariffs on $200 billion worth of Chinese goods.
The tension has been increasing since. More fuel was added later with a sanction on Huawei Technologies by the U.S.
Both parties have not met for a trade talk since the levy and there is no confirmation of any schedule for a visit from China or USA.