Last updated on January 2nd, 2019
Trade war which the President of United States, Donald Trump once stated as at the beginning of the beginning, is now showing signs of getting resolved as China and the US are set to meet this month.
The two nations have reportedly made plans for face-to-face consultations, the Chinese ministry said on Thursday. The consultations through telephone calls still continue in the meantime, told Gao Feng, a spokesman at the commerce ministry. He further confirmed to reporters that the pace of talks is not affected by ongoing Christmas break in the United States.
The trade war has already seen the imposition of heavy tariffs from both sides. However, it was momentarily stopped after Trump and his Chinese counterpart, Xi Jinping, met in Buenos Aires, earlier this month. The talks implied that the US postponed its plans to impose tariffs until March, which were earlier planned for 1 Jan 2019.
China in response has resumed the purchase of US soybeans for the first time in six months, even when tariffs on US cargoes remain in place. The nation has also said that it will suspend additional tariffs on US-made vehicles and auto parts for three months, starting 1 January.
A US trade team will now travel to Beijing on Jan 7 to hold talks with Chinese officials, as per Bloomberg. Besides, while unveiling of the draft of a foreign investment law for public consultation, China presented its bid to put up a ban on forced technology and illegal government interference in foreign business operations – one of the parameters under which China has come under the spotlight during the trade feud.
China has continuously called out that it is not involved in the violation of such practices, and has also assured to improve market access for foreign investors and better protect their rights. The bill though is only proposed and its real implementation might still take another year.
Clearly, the feud which, was looking highly unlikely to settle down, now sits down on the verge of saving billions and settling down once and for all. Besides, it will also contribute in regaining the investor’s and consumer’s confidence, which plays a vital role in uplifting any economy.