Sunday, May 26

Trade War between the US and China Provisionally Shut Down

Trade War between the US and China Provisionally Shut Down. The US Treasury Secretary Steve Mnuchin said on Sunday evening on the Fox News channel that the trade war between his country and China is stagnant for the time being. US import duties on Chinese steel have been suspended after both countries have made progress in the trade negotiations held in the past two days, says eWorldNews.

 

We stop the trade war. We suspend the import duties until we have an agreement on all details, “Mnuchin said. The US further demands that China do more to counter patent violations and subsidies for its manufacturing industry are scaled back. According to the Chinese news agency Xinhua, the countries agree on several issues, but some are not yet.

President Donald Trump had previously threatened with import duties worth 150 billion dollars (127 billion euros) on Chinese products. China, in turn, has threatened with counterparts on US products like soybeans and aeroplanes.

Mnuchin wants China to reduce its trade surplus with the United States significantly. At present, many more products are shipped to the US from China than vice versa. The difference is currently 375 billion dollars. At least 200 billion dollars must reduce that gap by 2020.

Tensions between the US and China have risen sharply after President Donald Trump introduced import duties on steel and aluminium. One of the worst affected countries was China, which is therefore threatened with import duties on many American products. The US reserves the right to introduce additional import duties.

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