Trump-Xi Truce Buys Time as Both Seek Leverage

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00:00Well, it wasn't really, well, first of all, let me talk about yesterday, just picking up on what you just said.

00:05It really wasn't a trade treaty, was it?

00:08It was a trade agreement between Donald Trump and Xi Jinping based on that framework agreement

00:14that the two sides of the negotiators finally came to agreement on after five sessions of meetings,

00:20whether it's in London, Geneva, and then Kuala Lumpur.

00:23So the big question now is what is going to be the follow-through?

00:28Because we've been down this road before, we've seen progress only to backslide

00:34because of various issues that do crop up, whether it be economic or geopolitical.

00:39So, again, it's good that they're going to revisit this.

00:42That's what Donald Trump says.

00:44We have a deal now every year.

00:46We'll renegotiate the deal.

00:48Routinely extended is how he put it.

00:51But already we are hearing from the U.S. Trade Representative, Jameson Greer,

00:55speaking on Fox Business, essentially saying that, you know, we're still going ahead

01:00with that investigation launched a little bit about a week ago into China's compliance

01:06in the first trade deal where the U.S. Corn Association and the Soybean Association say

01:13China fell well short of its pledges to buy about $80 billion worth of American ag products

01:20between 2020 and 2021.

01:23Granted, the pandemic happened, the world shut down, so there's a bit of a pass on that front.

01:28But, again, we have to see the follow-through from the United States and also follow-through

01:33from China.

01:34Now, spinning forward to today, Donald Trump back in D.C.

01:38It's Xi Jinping's stage right now.

01:40He's going to be meeting with Mark Carney of Canada, meeting with Sanai Takeuchi of Japan.

01:45He'll be giving a speech we're hearing at some point today, so it will be his opportunity

01:52to kind of give what I expect to be a similar type of speech, and that is, you know, supporting

01:58the multilateral approach to global trade.