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Tariff war: China commerce ministry says trade talks with US coming soon

Beijing – Chinese and US trade representatives will hold a meeting by phone in near future regarding an agreement that is aimed to resolve a tariff war, a Commerce Ministry spokesman said on Thursday.

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The spokesman, Gao Fang, gave no details about the timings at the ministry news briefing.

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On Thursday, White House Economic Adviser, Larry Kudlow said that the talks are part of processing China – Us trade deals. But he didn’t say about when the talks would actually happen. He indicated that there can be any delay to “scheduling issues”.

What is the deal about?

Under ‘Phase 1’ trade agreement was signed in January. In this agreement, both the government agreed to suspend potential additional penalties on each other goods which were erupted due to a fight in 2018. The fight was because of Beijing’s technology ambitions and a trade surplus.

The truce called for talks was to be held after six months but those delayed due to the ongoing Coronavirus pandemic. A meeting was to be held online scheduled last week but due to some reasons, it got postponed.

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Tariff war

Gao said that both parties have agreed to hold a call in the future.

Kudlow, President Donald Trump top Economic Adviser informed that the administration has many issues with China, many. But in the deal, both sides are engaged. China has bought so many commodities from the US, mostly agricultural goods. He also told that the US trade representative believes that China is following their script.

So according to Kudlow, it is going well, so far.

The two government has imposed some of the penalties but most of the harsh traffics imposed on hundreds of billions of dollars on each other goods remain in place.

 

Also read: Defence Minister ’s Negative Import List and Its Implications on the Economy. Read All About it here!