Economy

US-China’s top trade officials make first contact since truce

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin/Bloomberg

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President Donald Trump and Chinese leader Xi Jinping agreed to a tentative pause in their almost year-long trade war after meeting at the Group-of-20 leaders’ summit on 29 June.

Wednesday 10, July 2019

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin has contacted their Chinese counterparts, marking the first high-level contact after their presidents agreed to resume trade talks last month, reported Bloomberg.

The American officials spoke to Chinese Vice Premier Liu He and Commerce Minister Zhong Shan, and both sides said that they will continue with trade talks as appropriate without offering more details on the next steps.

In a statement, the Chinese Ministry of Commerce, confirmed the conversation, saying the two sides exchanged opinions on implementing the consensus reached in Osaka by Presidents Xi Jinping and Donald Trump.

The talks broke down in May after the US accused China of reneging on draft commitments, while the two sides remain at odds over significant aspects of a deal.

Under the tentative cease-fire, Trump agreed to postpone new tariffs on about $300 billion of Chinese imports, though he left in place the existing 25 per cent duty on about $260 billion of Chinese products.

The US president also said he would allow US companies to resume supplying some of their products to Huawei Technologies but added that the Chinese telecommunications-gear-making giant would remain on a Commerce Department trade blacklist over national security concerns.

 

TAGS : US-India trade tensions, US President Donald Trump, President Xi Jinping, Huawei Technologies, US-China Trade truce

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