Bilateral talks are taking place in Washington between the representatives of the American and Chinese government. The US side is represented by US Finance Minister Steven Mnuchin and US trade representative Robert Lighthizer, while the Chinese delegation was headed by Deputy Prime Minister Liu He, head of the Ministry of Trade.
US President Donald Trump is very pleased with the course of the talks, stressing that so far, the agreement has been reached, among others on the protection of intellectual property, technology flow, agriculture or the use of currencies in mutual settlements.
Due to the great progress in the talks, President Trump decided to postpone the US tariffs and tariffs on Chinese products and services, which was to take place on March 1. According to Trump, progress must also be made on other issues, but if bilateral talks continue, it will be possible to plan the official ceremony signing an agreement with President Xi Jinping.
However, Trump’s announcement of the shift of duty does not end the dispute between the US and China. It is also necessary to conclude a comprehensive agreement between the heads of both countries. If it does not happen, the United States will increase tariffs on imported Chinese goods worth $ 200 billion annually from 10 to 25 percent.
Trump’s statement is the greatest progress so far towards the end of the trade war that has lasted for seven months. According to the Agency, the Chinese are to propose that they will increase the value of imports of US agricultural commodities by USD 30 billion per year.
The US accuses China of unfair practices, including the theft of technology and the lack of reciprocity in barriers.