Beijing and Washington had "substantial progress" to curb the trade war with a partial agreement, said Liu He, Chinese vice premier, who met with US President Donald Trump last week. This was reported by the AFP Agency.
"China and the US made substantial progress in many aspects" that could lead to a "phase one agreement," said Chinese Vice Premier at a press conference in Nanchang, Jiangxi Province, Saturday.
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China "is willing to work with the US to communicate with each other its main concerns, in a framework of equality and mutual respect," said Liu.
“Stopping the escalation in the trade war benefits China, the US and the whole world. That is what both producers and consumers expect, ”said Liu.
The agreement announced by Trump envisaged a temporary suspension of tariffs that were to enter into force in mid-October.
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However, the tariff increases already imposed by both powers are still in force and the question of the structural economic reforms demanded by the US remains unresolved.
This is the first time that Liu makes statements from the negotiating wheel that took place in Washington until October 11, where the Chinese negotiating team was led by the vice prime minister.
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After said conclave, Trump announced a partial agreement. This includes promises to increase demands for US agricultural products and more protection for intellectual property, although details remain to be refined.
– Agreements. In the meeting with Trump, no decision was made regarding the 15% tariffs applied to consumer products, which should come into force next December.