Chinese Vice President connected via phone call to his American counterparts which resulted in a healthy outcome. Both the leaders, Donald Trump, and Xi Jinping, will be meeting on the sidelines of the upcoming G-20 summit.
Liu He is leading the negotiations for China whereas Robert Lighthizer and the treasurer secretary Steven Mnuchin are handling trade issues for the United States. All three collaborated and finally announced the resumption of talks ahead of the grand meeting in Osaka.
The meeting between the two confronting nations is expected to take place on coming Saturday. A senior U.S official said that the talks shall be aiming to overcome the trade imbalance issues.
Talks to resume amidst tensions
This is a great step in the right direction. The ice had to be broken and finally, things are looking to improve. One cannot expect too much right at the very beginning, but the initiation of communication means a lot.
Vice Minister of Commerce for China said that both the countries will have to make some compromises in order to get things going. He further added that both countries should respect each other’s integrity in order to achieve some tangible outcomes.
The U.S initiated trade sanctions on China by raising tariffs on products from mainland China into the United States. China retaliated and paid the U.S in the same coin. Neutral observers have been saying time and again that trade war is not going to benefit either of the nations. Instead, it is going to hit back strongly in the coming times.
A trade war is primarily intended to secure one’s industry, jobs, and exports. Tariffs are used to bridge the gap between imports and exports. Tariff barriers mean the imposition of new taxes to curb rising levels of imports. The embargo is the imposition of certain restraints on trade with the targeted nation.
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