The US and China agreed on the fee reduction
China and the United States have been negotiating a trade agreement for over a year, and now we can witness some progress. According to Bloomberg, both countries agreed to gradually reduce fees on goods, as mentioned by Gao Feng, the representative of the Ministry of Commerce of China.
According to The Wall Street Journal, the first stage provides agreements on the supply of American agricultural products to the PRC, the establishment of rules to prevent manipulation of exchange rates, measures to protect intellectual property and the opening of Chinese markets for US companies.
Earlier, the United States and China announced the conclusion of an interim trade agreement. If one will be implemented, the United States is not expected to introduce new fees against China from December 15, as previously announced. Trump said that, under the terms of the agreement, China will increase imports of US agricultural products by $ 40-50 billion.
It was assumed that the leaders of the two countries will sign an agreement during the APEC summit, which was supposed to be held in Chile on November 16-17, but the summit will not take place due to protests in Chile.
One of the rounds of negotiations between the United States and China took place on October 10 and 11. After their completion, Trump said that Washington and Beijing have come to a “significant first phase” of a trade dispute settlement deal.
The representative of China noted that the United States and China have indeed overcome differences and are close to concluding a trade agreement.