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President Donald Trump, left, and Xi Jinping, China’s president, shake hands during a news conference at the Great Hall of the People in Beijing, China, on Thursday, Nov. 9, 2017.
Expect a deal between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina, but manage your expectations, a Wells Fargo executive told CNBC on Friday.
“I am optimistic that they will strike a deal. I don’t think it’s going to be the deal that either side wants, but I think there will be some concessions,” said Kirk Hartman, global chief investment officer at Wells Fargo Asset Management. “I think this is more about protecting U.S. technology as much as it is trade, so I think you will see some comments on that front.”
Hartman said the U.S. may delay higher tariffs on Chinese imports that were due to take effect in January. Washington and Beijing may also agree to meet for further negotiations.
Trump told reporters Thursday that he was “close” to doing something on trade with China but added he wasn’t sure if he wanted to do it. “Because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes, so I really don’t know,” he said.
