sortiwa
US have agreed
on the
text
of a
phase
one economic and
trade agreement based
on the principle
of equality and mutual respect, official Chinese media reported
on Friday.
China and the
US have been locked in a longstanding
trade
war that has threatened
to roil the global economy.
The
US has imposed tariffs
on USD 250 billion
of Chinese goods, having accused the country
of unfair
trade practices. Beijing hit back with duties
on USD 110 billion
of
US goods, blaming the
US for starting “the largest
trade
war in economic history”.
The IMF has warned that a full-blown
trade
war would weaken the global economy.
China and the
US have agreed
on the
text
of a
phase
one economic and
trade agreement based
on the principle
of equality and mutual respect, official Chinese media reported
on Friday, state-run Xinhua news agency reported
on Friday night.
Expectations for a
US-Chinese
trade truce
to
end the 18-month long
trade
war between the top two economies rose after a senior Trump administration official said an announcement
on Beijing would take place
on Friday.
A ”
deal is close,” said Myron Brilliant, the
US Chamber
of Commerce’s head
of international affairs, who was briefed by both sides was quoted a saying by media reports from Washington.
The
US has agreed
to suspend a planned tariff increase
on USD 160 billion
of Chinese imports due
to take effect
on Sunday and
to reduce existing tariffs, Brilliant said.
For its part, Beijing would buy more
US farm products, increase Americans companies’ access
to the Chinese market and tighten protection for intellectual property rights.
US President Donald Trump had launched the
trade
war with
China last year demanding Beijing
to reduce massive
trade deficit.
Trump is also demanding an intrusive verification mechanism
to supervise Beijing’s promise
to protect intellectual property rights (IPR), technology transfer and more access
to American goods
to Chinese markets.
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