The United States and China agreed on Saturday to restart trade talks with Washington holding off new tariffs on Chinese exports, signaling a pause in the trade hostilities between the world’s two largest economies.
China appealed to the United States to meet it halfway to salvage a deal that could end their trade war, with its chief negotiator in Washington for two days of talks hoping to stave off U.S. tariff increases set to be triggered on Friday.
U.S. negotiators head to China on Tuesday to try to hammer out details to end the two countries’ trade war, including the shape of an enforcement mechanism, the success or failure of which could set the trajectory of ties for years to come.
U.S. negotiators have tempered demands that China curb industrial subsidies as a condition for a trade deal after strong resistance from Beijing, according to two sources briefed on discussions, marking a retreat on a core U.S. objective for the trade talks.
The U.S.-China trade war resulted in billions of dollars of losses for both sides in 2018, hitting industries including autos, technology - and above all, agriculture.
U.S. President Donald Trump said on Twitter on Saturday that he had a “long and very good call” with Chinese President Xi Jinping and that a possible trade deal between the United States and China was progressing well.
The United States said on Monday that China’s “unfair competitive practices” were harming foreign companies and workers in a way that violates World Trade Organization (WTO) rules, but vowed to lead reform efforts.
U.S. President Donald Trump and Chinese President Xi Jinping will wrap up a global summit on Saturday with high-stakes talks expected to determine whether they can begin defusing a damaging trade war between the world’s two biggest economies.
The Trump administration is preparing another round of tariffs on Chinese goods worth $200 billion, ramping up the US-China trade war.
China on Friday accused the United States of starting "the biggest trade war in economic history" as the two sides imposed steep new tariffs on tens of billions of dollars of each other's exports.
The United States is “opening fire” on the world with its threatened tariffs, China warned on Thursday, saying it will respond the instant U.S. measures go into effect as Beijing ramped up the rhetoric in a bitter trade dispute.
The trade dispute between the US and China, two of Vietnam’s top trading partners, could leave both positive and negative impacts on the country, as well as other Southeast Asian nations, business insiders and experts forewarned.