United States and China Sketch Outlines to Potentially End Trade War
WASHINGTON, DC - According to sources familiar with current negotiations, China and the United States are working to come to an agreement to end the seven-month trade war, Reuters reported. After the two countries have retaliated by slapping tariffs on what has become billions of dollars of goods, global economic growth has slowed, skewing supply chains and disrupting manufacturing, leaving many hoping for an end to the tariff dispute.
Chinese and American officials met last week in Beijing to begin discussions; as the process became even more of a trade negotiation, they agreed to reconvene in Washington, DC, today and Friday. Sources reported that, although they disagree with core demands made by President Donald Trump’s administration for structural changes to China’s economy, the general tone of the talks is one of reconciliation. Both sides are pushing for an agreement by March 1, the date that marks the end of a 90-day truce President Trump and Chinese President Xi Jinping agreed to when they met in Argentina at the end of 2018.
Two sources familiar with the talks told Reuters that negotiators are drawing up six memorandums on structural issues: forced technology transfer and cyber theft, intellectual property rights, services, currency, agriculture, and non-tariff barriers to trade.
Although one source exercised caution and stated that the talks could come to nothing, others were optimistic. Several Chinese government sources relayed to Reuters that the two countries have essentially reached a consensus on alleviating trade imbalances.
AndNowUKnow will keep you updated on the latest in trade negotiations.