Last week, US President Donald Trump told that he has been hoping for a final trade settlement with China but isn’t excluding the possibility of a provisional agreement. He clearly stated that an “easy” contract would not be feasible.
Trump informed reporters at the White House that he would go for a final deal. However, the agreement would probably include different sections, and the mentioned terms need to be accepted by both the nations to finalize the deal. Now, the US president also thinks to settle this overstretched trade war between the world’s two strongest economies that has rattled global economic growth and shaken up the financial markets.
Both the nations have been making propitiatory gestures before the discussions, reducing the chances of disputes between them and consoling investors.
On a related note, the peaceful environment opted by the US and China to probably make final settlement involves some alterations in the existing planned decisions related to the trade war.
China’s Ministry of Commerce and National Development & Reform Commission has decided to exempt tariffs on the US-imported farm products, such as soybeans and pork. This optimistic announcement has come after Trump’s note to settle finally after over a year.
The Xinhua News Agency published that the US has announced to postpone the earlier decided tariff hike on $250 billion of Chinese import from October 1 to October 15 in this year.
American and Chinese subordinates will probably meet in Washington a week after the senior trade negotiators will have discussions in early October. The last meeting between the senior trade negotiators was held in China on July 2019.
The US is still urging China to terminate all the unfair trade practices, which include currency manipulation, intellectual property theft, and technology transfer from foreign nations. Trump has said that these elements would a part of the trade deal.