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China and USA decided to reduce duties

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China and USA decided to reduce duties
November 07
13:00 2019

The eternal rivals — the PRC and the States — have finally taken some real steps toward resolving the trade conflict. The superpowers will reduce duties on goods. Bloomberg, citing a source in the Ministry of Commerce of China, made this information public.

During the first stage, they will agree on the rules to prevent the manipulation of foreign exchange rates, as well as measures to protect intellectual property. It is assumed that China will open markets for US companies and let supply agricultural products from the United States.

We recall that a few days ago, both official Washington and official Beijing expressed their willingness to conclude an interim trade agreement. Among other things, this agreement suggests that new duties, which had to be introduced on December 15, will not be imposed on China.

The agreement has also determined how much the number of imported agricultural products labeled “Made in the USA” will increase. Import growth will amount to 40-50 billion US dollars.

It was originally planned to sign an agreement during the APEC summit in Chile (scheduled for November 16-17). Sebastián Piñera , President of Chile, refused to host the summit, referring to the huge domestic problems of the South American country.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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