As President Trump and his Chinese counterpart, Xi Jinping, are set to meet at the G20 summit in Osaka, Japan, on June 28-29, expectations are low for a meaningful truce on the trade war that has defined their relationship over the last three years. More than 640 U.S. businesses and trade groups — including giant retailers like Walmart and Target — sent a letter to President Trump on June 13 asking him to cancel his threat to increase tariffs on some 0 billion worth of imports from China. That is on top of tariff increases the U.S. imposed in May on 0 billion worth of Chinese imports, after several attempts to forge a trade deal. The U.S. has had several sticking points in its negotiations with China, such as Chinese government subsidies to local enterprises, controls on U.S. businesses operating in that country, and China’s laws on intellectual property rights. China has attempted to placate the U.S. on some fronts.…