Washington: Sino-US trade war is seen moving towards the agreement. In the second round of talks, a preliminary agreement has been agreed between the two countries. US President Donald Trump informed this effect in the presence of Chinese chief negotiator Liu Hee.
It will take time to get real
Trump said it would take three to five weeks to actualize the deal on paper. Under the primary agreement, the US will not take steps to increase import duty on Chinese goods worth $ 250 billion from 25 percent to 30 percent.
The hike in duty rates was said to be implemented from October 1, but it was postponed until October 15 in view of trade negotiations.
China has also approved the purchase of $ 50 billion worth of agricultural products from the US in return for the decision not to impose higher rates by the US.
The two countries held constructive talks on mutual business interests
According to China’s official news agency, Xinhua, the two countries had a very useful and constructive discussion on this matter keeping in mind the mutual business interests.
In the second round of talks, the two countries gave meaningful talks on issues such as agriculture, financial services, expansion in business cooperation, exchange of technology and settlement of disputes.
During this time there was the talk among the negotiators about the mechanism of future negotiations and it was agreed to try together to reach an agreement.
The initial agreement between the two countries has not been known in detail, but it is believed that the US is still planning to go ahead with the proposal to impose duties on Chinese imports of smartphones and other consumer goods worth $ 160 billion.
Trump-Chinfing may meet in APEC meeting
Speaking to reporters, Trump also spoke about meeting Chinese President Xi Jinping at the APEC meeting next month. During this time, the leading Chinese negotiator Liu He also expressed happiness over the progress of trade talks.
Earth welcomed the agreement
Global companies have welcomed the Sino-US trade agreement and hoped to progress further in this matter. However, economists have described it as a minor development. Economists say that it may take a year to reach a conclusion.
Jake Parker, senior vice president of the industrial group US-China Business Council, said, “At least the next two months can create an atmosphere of negotiation by halting the increased fee rates.”
It is necessary to restore consumer confidence
Chinese economist Yu Chanai said, “I don’t think it’s a win, but it will improve the situation.” Both sides want to restore consumer confidence by streamlining the business at the moment.