China, US put trade war on hold

21 May '18

2 min read

Courtesy: The White House

Following weeks of uncertainty over imposition and counter-imposition of tariffs on imports by China and the US, the two countries have decided not to go ahead with implementation of the new tariffs. Instead, they have agreed to take effective measures to substantially reduce the US trade deficit in goods with China, and support growth and employment in US.

“To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services,” a joint statement issued by the US and China regarding trade consultations said.

The constructive consultations regarding trade were held in Washington, D.C. at the direction of US President Donald Trump and his Chinese counterpart Xi Jinping. The delegations also discussed expanding trade in manufactured goods and services. “There was consensus on the need to create favourable conditions to increase trade in these areas.”

Both sides agreed to encourage two-way investment and to strive to create a fair, level playing field for competition. They will also continue to engage at high levels on these issues and to seek to resolve their economic and trade concerns in a proactive manner.

A team from the US will visit China to workout further details for meaningful increases in US exports. (RKS)

Fibre2Fashion News Desk – India

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