China And USA UU. They Talk On The Phone To Try To Settle Their Trade War

China and the United States reconvened by telephone to try to close a partial agreement that drew, at least temporarily, the commercial war that the two largest economies on the planet maintain, state news agency Xinhua reported today.

Chinese Deputy Prime Minister Liu He, who heads the negotiating table in China, held a telephone conversation with US Commerce Representative Robert Lighthizer on Saturday and Treasury Secretary Steven Mnuchin.

"In the telephone conversations, the two parties constructively addressed each other's central concerns about the" first phase "of the trade agreement, and agreed to remain in close contact," Xinhua notes briefly.

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The United States and China are moving towards a partial agreement that includes the gradual withdrawal of the tariffs that both parties have imposed during the trade war, which began in March 2018 and has had strong global repercussions.

The Chinese Government announced on the 7th that a series of 'consensus' had been reached after extensive, constructive and serious talks between both parties.

'The two sides have agreed to eliminate tariffs as progress is made. If China and the United States reach an agreement in the 'first phase', the two sides should eliminate tariffs simultaneously and in the same proportion, 'said Gao Feng, a spokesman for the Ministry of Commerce, at a press conference.

The US president, Donald Trump, described the pact as the 'first phase' in a process that can be developed in up to three stages, and said that he neglected his plans to raise tariffs on Asian giant imports at the end of the year.

However, last week Trump warned that if the pact does not crystallize he will not hesitate to raise tariffs.

For its part, China has pledged to increase its purchases of US agricultural products to reach between 40,000 and 50,000 million dollars, a figure that, according to Trump, is between '2.5 and 3 times higher' than what Beijing ' He had bought so far at its peak, 'when it touched the 17,000 million dollars.

In any case, neither Government has published details of the agreement so far.

Trump only said that it includes some measures related to the devaluation of the Chinese currency and intellectual property issues, although it does not deal with the forced transfer of technology in China, an issue that will be discussed 'in the second phase'

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