Heads of state from the biggest economies in the world are meeting this weekend in Buenos Aires, Argentina for the yearly G20 summit. One of the most anticipated meetings of the weekend is between President Xi of China and President Trump, where they are expected to discuss the escalating trade war
between the two countries that began this year.
The back-and-forth began in January of this year when the U.S. rolled out safeguard tariffs on washing machines and solar cell imports, signaling China out in the official statement the U.S. released. Less than a month later, President Trump signed tariffs on imported steel and aluminum from all nations. By mid-June, the tit-for-tat trade dispute developed further, with Trump announcing tariffs on $50 billion of Chinese goods. China announced tariffs matching that amount that same day. In late September, Trump rolled out a 10% tariff on $200 billion of Chinese goods effective till the end of 2018, with the potential to rise to 25% at the end of the year. President Xi responded with tariffs worth $60 billion of American goods.
World leaders and economic markets have been skittish around this dispute
, with many hoping that the U.S. and China will reach an agreement or productively advance their negotiations over the weekend.