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US and China reach partial agreement in protracted trade war

2019-10-11T20:34:26.850Z

The United States and China signed a partial agreement on Friday in the ongoing trade dispute, says US President Donald Trump. The two superpowers meet each other on a number of points and ultimately this must form the basis for a broader agreement.



The United States and China signed a partial agreement on Friday in the ongoing trade dispute, says US President Donald Trump. The two superpowers meet each other on a number of points and ultimately this must form the basis for a broader agreement.

An agreement has been reached on intellectual property, financial services and large agricultural purchases, according to Trump, who met Friday with Chinese Deputy Prime Minister Liu He.

According to the president, the final deal, ending the trade war, can be closed in five weeks at the earliest.

According to Bloomberg news agency, the two countries have concluded a currency deal, among other things. This was necessary because in recent months China regularly had its currency renminbi devalued, making it more attractive to import Chinese products.

According to experts, this currency manipulation was a deliberate measure of retaliation for the increases in import tariffs for Chinese goods imported by the US.

US postpones planned increase in import tariffs

The US announced in August that it would impose higher import duties on goods from China. Washington decided this after China did the same before. For example, the rates of 250 billion dollars (more than 225 billion euros) of Chinese goods would be increased by 5 percent as of mid-October. This planned increase is now part of the closed part agreement of the job, according to the news agency.

In addition, China is said to have promised to import more agricultural products from the US. In September, the Chinese newspaper South China Morning Post (SCMP) wrote that Beijing would make this proposal in exchange for postponing trade rates.

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Fierce struggle between the US and China is not just about trade

Source: nunl

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