A partial new US-China trade agreement will be signed in the middle of next month, US President Donald Trump said Tuesday, announcing that he will also then travel to China for continued talks.
"The ceremony will take place at the White House. High level representatives of China will be present." While the detente put a stop to further deterioration in the trade war, it leaves many of the barriers erected so far in place. The two economic powers have been locked in a bruising trade war since the first half of 2018 that has roiled the global economy and helped send the manufacturing sector into decline.
The yawning US goods deficit with China fell 14.7 percent in the 10 months through October of 2019 but rose 29 percent with Mexico, according to official US figures. But the United States appears to have emerged from an earlier recession scare as Beijing has moved to reverse a worrisome slowdown.Scott Paul, president of the Alliance for American Manufacturing, which has largely favored Trump's aggressive trade posture with China, said earlier that agreeing to remove tariffs amounted to"giving away much of our leverage, while kicking the can down the road on the most meaningful trade issues with China.
Source: Holiday News (holidaynews.net)
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