The Chinese state media Xinhua said that the top negotiators on trade form the United States China had held a telephonic discussion on Saturday and the call resulted in both sides having “constructive talks” on the trade agreement being strived to be achieved by both sides.
The telephonic conference was held between U.S. trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin on one side and the Chinese Vice Premier Liu He on the other. According to a report published in the Xinhua, the discussions were held over the so called phase one of the trade agreement between the two parties and the core issue for each side were discussed closely and in detail.
However no further details of the conversation between the top officials of both sides were provided in the Xinhua report that was published on Sunday.
There was positive movement in the trade talks and the two countries were inching closer to finalizing a deal on trade that would end the acrimonious trade war between the two largest economies of the world that has been going on for more than 16 months now, said White House economic adviser Larry Kudlow on Thursday. However no further details on the possible timing of a potential deal were given by him.
It was in the middle of 2018 that the trade war between the two countries started with the United States president Donald Trump first imposing import tariffs on Chinese products into the US. China retaliated with import tariffs of its own on US products into China. Since then both the countries have been engaged in imposing successive waves of tit-for-tat tariffs on each other’s goods worth billions of dollars, the trade war had significantly affected the world financial markets, slowed down global trade and global growth and raised fears of a global recession. The trade war has also forced the global growth rate to drop to its lowest since the 2007-2008 global financial crisis.
This May, both the US and China had come very close to reaching an agreement on trade. However, according to reports, that possibility ebbed away after the Chinese negotiators backed away from the promises that they had made, the US negotiators had alleged back then.
While the markets and the business world had once again started to hope for at least a partial trade agreement between the US and China, there was disappointment for them last week when reports said that there was discord among the two parties over the issue of how and when the trade tariffs would be lifted as well as about the quantity of US agricultural products that China would purchase. Both issues were to become part of the deal.
(Adapted from XinhuaNet.com)