U.S. Seeks to Patch Trade Relations With China

U.S. Seeks to Patch Trade Relations With China
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Published December 31st, 2018 - 06:00 GMT via SyndiGate.info

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US President Donald Trump (L) and Chinese President Xi Jinping pose at the Forbidden City in Beijing.(AFP/File)
US President Donald Trump (L) and Chinese President Xi Jinping pose at the Forbidden City in Beijing.(AFP/File)

President Donald Trump says talks on a trade deal between the US and China are progressing well following his phone conversation with his Chinese counterpart Xi Jinping.

Trump said in a Twitter message Saturday that his phone call with Xi was “long and very good” amid a 90-day truce between the two countries over their trade war.

Meanwhile, Chinese state media reported that Xi said teams from both nations have been working to implement an agreement reached with Trump.

"I hope that the two teams will meet each other half way, work hard, and strive to reach an agreement that is mutually beneficial and beneficial to the world as soon as possible," state-run Xinhua news agency quoted Xi as saying.

In early December in Argentina, Trump and Xi decided to hold off on further trade war tariffs for 90 days while they negotiate a deal to bring an end to the dispute following months of escalating tensions.

Trump initiated the trade war with China in April, when he first imposed unusually heavy tariffs on imports from the Asian country.

The Trump administration approved tariff hikes of 25 percent on $50 billion of Chinese goods and 10 percent on another $200 billion of imports in response to complaints that Beijing steals or pressures companies to hand over technology.

Beijing responded by imposing its own tariffs on US products, effectively halting its purchase of key American agricultural exports.

China retaliated with penalties on $110 billion of American goods. Trump has threatened to expand charges to all goods from China.

The US imported nearly $500 billion worth of products from China last year while exporting about $130 billion in American goods to the country in the same period.

This article has been adapted from its original source.

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