For months, the US and China have been facing each other with mutual threats about supposedly unfair trading practices and tariffs as back-to-back carriages. Slowly, the two major economies are approaching a resolution – and the effort seems to be worthwhile.
Recent trade talks with Chinese officials in Washington have seen significant progress on several important issues, according to the US government. However, there is still “considerable work” before the negotiators to solve the remaining issues, said Presidential Spokeswoman Sarah Sanders. The American and Chinese negotiating teams would be in constant contact. The talks should be continued in the coming week.
The trade war between the US and China could soon be settled, according to US President Donald Trump. “We have negotiated the two most difficult points very successfully,” said Trump on Friday before leaving for California in Washington. The talks with representatives of China on Wednesday and Thursday in Washington have been “a great success,” the president said.
The talks have gone further and deeper than ever before, reported Trump’s Economic Advisor, Larry Kudlow. “The prospects for a deal are good.” There is no time pressure, the talks are not determined by a specific timetable. In reality, the US had set a deadline of March 1, within which China should relinquish, in order to avoid further special duties. The appointment was last pushed backward. The US justified this with a positive course of the talks.
Trump had already stated on Thursday: “We are about to make a deal.” However, an agreement is still not guaranteed until all issues have been resolved. Within the next four weeks, “something very monumental could be announced,” said Trump.
China’s President Xi Jinping also saw the trade talks on the right path. “Substantial progress has been made,” Xi Jinping said in a message sent by Liu He to Trump, according to state news agency Xinhua. The Chinese head of state wished that negotiations on the text of the treaty be concluded as soon as possible. Liu He is the chief negotiator of the Chinese delegation, who traveled to Washington for the recent round of talks.
The tariff dispute between the two largest economic powers in the world has been smoldering since mid-2018 and is also putting a strain on the world economy. The two countries have been burdened with reciprocal punitive tariffs in the billions. Trump accuses China of unfair trading practices and theft of intellectual property, among other things and has been negotiating an agreement for months.