Fitch Ratings Inc. and Moody’s as two of the biggest credit rating agencies announced that both China and US are approaching a lose-lose situation through the cold war.
According to Rick Helfenbein, president and CEO of the American Apparel and Footwear Association (AAFA), “The trade war is like a family argument, which at one point needs a marriage counselor. If they don’t get one, they are heading to the divorce courts, which no one wants, and I don’t think President Trump wants that either … He has overpushed [the tariffs issue].” He believes that if Donald Trump and Xi Jinping start to negotiate sooner, both of them are winners and If not, both will lose.
He had never seen a trade war of this scale with any other country! So the two presidents needed “a big meeting and multiple meetings”, rather than talks on the sidelines of the G20, to resolve things rapidly before any damage was made!