Asia Business Channel

China-US Trade Wars - Latest Trade Talks Gives Hope for Agreement

Ongoing trade talks between senior Chinese and US officials give reason continue at the same time the U.S. President Donald J. Trump is meeting with North Korean leader, Kim Jong Un in Hanoi, Vietnam. Several days before the Hanoi summit, Chinese Foreign Minister Wang Yi said that he has hope that Beijing and Washington will achieve stability in their bilateral relations after a 9-months-long trade conflict.

Wang was quoted as saying, "The trade and economic consultations between China and the United States have achieved substantial progress and provided positive expectations for stability in the US-China relations and the development of the global economy."

Commenting on the negotiations, U.S. President Donald Trump tweeted before leaving for Vietnam that, "As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1." Trump stressed that Washington made "substantial progress" in trade talks with China on issues such as intellectual property protection, technology transfer, agriculture, services and currency.

Trump added that, "assuming both sides make additional progress", Washington will be planning a summit between him and Chinese president Xi Jinping at Mar-a-Lago to conclude a trade agreement between the two countries.

The trade conflict between China and the United States began last June when Trump announced the United States would subject $50 billion worth of Chinese goods to 25 percent tariffs in a bid to fix the US-Chinese trade deficit. Since then, the two countries have exchanged several rounds of trade tariffs. At the G20 summit in Argentina in December, Trump and Xi agreed upon a 90-day truce to allow room for a new trade agreement. The truce is set to end on March 1.

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