President Trump has decided to extend time frames for imposing sanctions on Chinese imports. The successful negotiations of the warring parties caused this decision. The President of the United States noted that they had managed to overcome differences in the main structural directions.
On Sunday, in his personal Twitter account, Mr. Trump wrote that after reaching additional progress in the negotiations, it was planned to hold a summit with Xi Jinping in order to conclude a final agreement.
The Ministry of Commerce of China has also reported on the progress in the negotiations, which were resumed on Thursday. The Chinese delegation was headed by Vice Premier Liu He. America was represented by Stephen Mnuchin and Robert Lighthizer.
We recall that the conflict between the two countries began last summer, when the United States imposed a 25% duty on Chinese goods worth about $ 50 billion. The PRC responded in the same way.
In late September, the States added a 10% duty on Chinese import for a total amount of $ 200 billion. They also promised that from 2019 the tariff would increase to 25%. During the G20 summit, the leaders of America and China reached an agreement and extended timing of the tariff escalation to 90 days. During this period, the parties had to reach an agreement.
The increase in tariffs was scheduled for March 1, but earlier the media reported that the point could be postponed for another 60 days.
A letter of intent, the details of which the leaders of the countries will discuss at a personal meeting, had to become the basis for the agreement.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade