Despite initial progress in talks to put an end to their trade war, the US and China still have big differences to overcome. After three days of negotiations in Beijing, China’s Commerce Ministry announced today that the talks have „increased mutual understanding and laid the groundwork for addressing the concerns of both sides.“
The Office of the US Trade Representative reported that Beijing had also discussed the need for an agreement to be fully complied with and its implementation to be monitored and reviewed. It is about ways in which trade relations between the two largest economies can be made fair, reciprocal and balanced.
The Trade Representative pointed to the consensus between US President Donald Trump and China’s Party and Party leader Xi Jinping at their meeting in Buenos Aires on December 1. Both presidents had agreed on a 90-day „ceasefire“ in Argentina’s capital until 1 March.
