US-China Trade War Latest Developments: Softening Tones Hinting at Possible Progress?
Arslan Butt • 1 min read
Is the US-China trade war headed towards a resolution soon? If recent promising comments from China, the US, and Trump of course, are to be believed, a trade deal could be arrived at soon. On Thursday, senior Chinese diplomat Wang Yi remarked that China could increase US imports if trade talks progress well and consider rolling out more goodwill measures towards the US.
While speaking to Reuters at the sidelines of the UN General Assembly, Wang stated that China is willing to buy more US goods that it needs if both sides take more encouraging actions towards each other and proceed towards resolving their trade dispute. Wang’s encouraging comments come a day after Trump hinted at the possibility of a trade deal with China sooner than expected.
The next round of high level trade talks are scheduled for October, although the dates have not yet been announced. The trade war has raged on for around two years, with the US insisting on action against China’s practices of IP theft and forced technology transfer, resulting in tariff hikes on billions of dollars’ worth of goods traded with each other.
In another positive sign, China has increased its soybean imports from the US, and could raise it further up to 6 million tons after recently waiving tariffs on US soybean imports. Before the tariff wars, China had imported around 32 million tons of soybean from the US in 2017.