Business

US and China Are Approaching a Deal That Can End Most Tariffs

The trade war between the United States and China has been seriously affecting the global economy for the couple of months. Both Beijing and Washington have been discussing potential reconciliations during these periods and the recent reports say that they may have found an option. The report adds that US and China may are approaching a deal that can remove most of the existing tariffs between the countries.

Of course, the insider sources say that the decision comes with certain conditions, especially on the part of China. If this deal to work, the country would have to keep certain promises alive. One part of this would be purchasing a specific amount of American goods while the other sector wants China to take better decisions when it comes to protecting intellectual property rights, added the people who are familiar with the matter.

Although no official statements have been released, it’s clear that both parties have been reaching a rather manageable area, especially after the temporary truce was arrived at. While it’s clear that the ongoing talks are moving in the positive direction, analysts have not been able to predict whether all the tariffs would see and end after this.

“As part of the ongoing talks, the U.S. asked the Chinese not to retaliate or bring World Trade Organization cases in response to U.S. tariffs that could be imposed to enforce the deal, according to a person familiar with the negotiations,” writes Bloomberg, citing the data from the internal sources. Following these reports, stocks from Asia were showing some promise in the market.

There will be a summit between Donald Trump and Xi Jinping, but the dates have not been finalized yet. In this note, WSJ had reported that the pact would be taking place on 27th of March, and the publication added that a potential reconciliation is nearby.

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Jason Amato

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