The 13th trade war negotiations between economy colossi the US and China have resulted in a rather satisfying conclusion. On the previous Friday, negotiators from both countries have come into a partial trade deal.
Despite being slightly inaccurate from people’s expectations, the progression sounds prospective as a robust groundwork for future beneficial deals. Additionally, this ‘Phase One’ deal will soon undergo its writing progress.
“We’ve come to a very substantial phase one deal. We’ve come to a deal, pretty much, subject to getting it written,” said US President Donald Trump.
Out of all the deals, some of them are pertaining to the motions during the deputy-level discourse. According to Trump’s declaration in the Oval Office, the deals are pertinent to intellectual property, agricultural, and financial deals.
“We’ve come to a deal on intellectual property, financial services, a tremendous deal for the farmers, a purchase of from $40-50 billion worth of agricultural products,” Trump stated.
Another focal point in the deals is also regarding the novel October tariffs. Accordingly, the US agrees to suspend the implementation of new tariffs on Chinese products. Prior to the event, the US was planning to raise the current 25% tariffs to 30% starting from next week.
The Homework of the Future US-China Trade War Negotiations
Although the latest negotiation was arguably fruitful, the US and China still own myriad concerns to discuss pertaining to their trade. US Treasury Secretary, Steven Mnuchin, claimed that there still prevails more issues to deal with.
“We have a fundamental agreement on the key issues. But there is a significant amount of work to do,” he said.
According to Trump administration’s viewpoint, one of the biggest concerns might be regarding China’s economic practices. The foregoing issues matter much for the administration suspects that China is violating several aspects that contradict US foreign policy interests.
Meanwhile, as for Beijing, Chinese President Xi Jinping would most likely discuss the issues pertinent to tech development. This is so since China is, most likely, under the impression that the US is volitional in discriminating Chinese tech corporates.
That said, ensuing interchanges might happen in the forthcoming APEC summit next month. If so, the dialog will occur between presidents of both countries.
“We’re (Trump and Xi Jinping) going to be in Chile together in the big summit,” President Trump uttered, foreshadowing his meeting with President Xi Jinping.
Also Read: Is US-China Trade War Trump’s Playground?