The United States and China would restart stalled trade negotiations and the US would not impose any new tariffs on Chinese imports into America. This was decided after a meeting between US president Donald Trump and Chinese counterpart Xi Jinping at the sidelines of the G20 summit in Osaka, Japan.
According to the Chinese state news agency Xinhua, Trump said that the talks between the two countries were “back on track”.
The entire market and trading world eagerly awaited the meeting between Trump and Xi in the hope that the two leaders would be able to strike a deal or at least restart negotiations for a trade deal which would ultimately bring an end to the trade war between the two countries that has been ongoing for more than a year now.
The trade war between the two largest economies of the world has already cost billions of dollars in loss to companies in both countries, as well as disrupted global supply chains and global trade.
“The US side said it would not add new tariffs on Chinese exports,” Xinhua said in a brief report. It added that the specific issues would be discussed by negotiators of both countries. No details were however was provided.
Talking to reporters, Trump said that the meeting with Xi was excellent and that negotiations between the countries were “back on track”. “We had a very good meeting with President Xi of China, excellent, I would say excellent, as good as it was going to be,” Trump said. “We discussed a lot of things and were right back on track and well see what happens.”
Before his meeting with Xi, Trump had said that a fair trade deal would be “historic”/.
There are fears that if the trade war between the countries continued to deepen, global growth would be impacted. “The trade relations between China and the United States are difficult, they are contributing to the slowdown of the global economy,” European Commission President Jean-Claude Juncker said on Friday, the summit's first day.
Trump had earlier warned that if his meeting with Xi did not bring out any progress on wide-ranging US demands for economic reforms, he would not be averse to bringing the entire Chinese imports into the country under tariffs.
Trump was willing to exchange views on fundamental issues, he said before his meeting with Xi, and stressed on the need for dialogue rather than confrontation. “Cooperation and dialogue are better than friction and confrontation,” he said.
The US has been accused by China of making unreasonable demands from it and that the US also needs to make some concessions for a trade deal to be achieved. The latest escalation of the trade war happened after trade tariffs on about $200 billion of Chinese imports was raised to 25 pert cent the Trump administration in May after the US alleged that China had gone back on its promises made during earlier negotiation rounds. The increased tariffs were retaliated by China by new levies of its own on American goods.
(Source:www.thehindubusinessline.com)
According to the Chinese state news agency Xinhua, Trump said that the talks between the two countries were “back on track”.
The entire market and trading world eagerly awaited the meeting between Trump and Xi in the hope that the two leaders would be able to strike a deal or at least restart negotiations for a trade deal which would ultimately bring an end to the trade war between the two countries that has been ongoing for more than a year now.
The trade war between the two largest economies of the world has already cost billions of dollars in loss to companies in both countries, as well as disrupted global supply chains and global trade.
“The US side said it would not add new tariffs on Chinese exports,” Xinhua said in a brief report. It added that the specific issues would be discussed by negotiators of both countries. No details were however was provided.
Talking to reporters, Trump said that the meeting with Xi was excellent and that negotiations between the countries were “back on track”. “We had a very good meeting with President Xi of China, excellent, I would say excellent, as good as it was going to be,” Trump said. “We discussed a lot of things and were right back on track and well see what happens.”
Before his meeting with Xi, Trump had said that a fair trade deal would be “historic”/.
There are fears that if the trade war between the countries continued to deepen, global growth would be impacted. “The trade relations between China and the United States are difficult, they are contributing to the slowdown of the global economy,” European Commission President Jean-Claude Juncker said on Friday, the summit's first day.
Trump had earlier warned that if his meeting with Xi did not bring out any progress on wide-ranging US demands for economic reforms, he would not be averse to bringing the entire Chinese imports into the country under tariffs.
Trump was willing to exchange views on fundamental issues, he said before his meeting with Xi, and stressed on the need for dialogue rather than confrontation. “Cooperation and dialogue are better than friction and confrontation,” he said.
The US has been accused by China of making unreasonable demands from it and that the US also needs to make some concessions for a trade deal to be achieved. The latest escalation of the trade war happened after trade tariffs on about $200 billion of Chinese imports was raised to 25 pert cent the Trump administration in May after the US alleged that China had gone back on its promises made during earlier negotiation rounds. The increased tariffs were retaliated by China by new levies of its own on American goods.
(Source:www.thehindubusinessline.com)
