US-China Trade War Latest Developments: Positive Signs?
In a promising development in the trade war, China has decided to call off a five-year ban on US poultry meat as a result of the African swine fever driving down pork supply in its markets. According to the US Trade Representative’s office, this move would drive shipments worth over $1 billion every year from the US to China.
China is the world’s leading pork consumer but has experienced severe shortage over the killing of millions of pigs afflicted by African swine fever. Previously, China had stopped importing US poultry meat after an outbreak of avian flu back in 2013.
More optimistic developments in the US-China trade war came in on Thursday when White House Chief Economic Adviser Larry Kudlow confirmed constructive talks between the trade teams. According to Kudlow, a trade deal is nearing but he gave no further detail on when it could be signed.
Kudlow also let it slip that there was a possibility that the two presidents need not hold an in-person meeting towards signing the interim trade deal. Initially, the trade deal was expected to be signed in mid-November at the APEC summit in Chile, which got cancelled. Since then, there has been no clarity from either side on when both leaders could meet to sign the trade deal, opening the door for hiking concerns on the trade war all over again.
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