By admin       2019-02-26

Following ‘substantial progress’ in trade talks, the United States has decided to delay a planned hike in tariffs from March 1 on more than $200 billion worth imports from China, President Donald Trump announced recently. The US President plans to hold a summit with his Chinese counterpart Xi Jinping at his Florida estate Mar-a-Lago to strike a deal. The talks, led by Xi's top trade negotiator Vice Premier Liu He and US Trade Representative Robert Lighthizer, concluded on February 24. "I am pleased to report that the U.S. has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues," Trump wrote on Twitter. The Chinese president expressed hope that the talks maintain ‘a mutually respectful, cooperative and win-win attitude’ and lead to a ‘mutually beneficial’ agreement, according to global news wires. An agreement on currency manipulation will be included in the trade pact, Trump had said earlier. Few details about that agreement have been made public. The delegations ‘came a step closer to realising the important consensus reached’ by Trump and Xi late last year, an official Chinese news agency said. Analysts say the two sides are likely to trumpet mutual agreements to resolve the easier parts of the trade dispute—increasing purchases of American goods, more open investment in China and tougher protections for intellectual property and proprietary technology. Meanwhile, the US National Retail Federation (NRF) welcomed the progress made in the talks and urged US Administration to build on this momentum and reach a resolution that will eliminate uncertainty for US businesses and consumers. According to data released by Tariffs Hurt the Heartland–a campaign backed by NRF–recent tariffs imposed by the administration cost US businesses $2.7 billion in November 2018 alone. (DS)

Download App

# #

Member Login