The U.S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018.
The face-to-face meeting was welcome news for financial markets, withas skittish investors took comfort in a development aimed at resolving the ongoing trade war between the two economic superpowers.
The chairman and CEO of private equity giant Blackstone, which has over $500 billion in assets under management, told CNBC's "Squawk Box Europe" that Trump and Xi must first decide "how far they are willing to go conceptually" before letting senior trade officials work out some of the finer details.The U.S.
Trump told CNBC last week that he would immediately impose the additional $300 billion in tariffs if Xi didn't attend the Group of Twenty summit.that a potential meeting with Xi is not likely to yield a trade agreement on its own, but could help clear the path to a deal. "All that's happening with this tension is its hurting both countries and the debate of who are you hurting more is interesting but fundamentally people would like to go back to a normal relationship," he added.
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