China, US discuss important issues of trade agreement

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China and the United States discussed important issues regarding trade agreement between the nations over a phone call on Tuesday, as per the Chinese Commerce Ministry.

As per Sputnik, a statement was issued by the ministry saying, “Chinese State Council Vice Premier Liu He held a phone conversation with US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, the parties have discussed in detail the key issues (relating) to the text (of the trade agreement) and defined the agenda for the further work,”

The last session of talks between the two sides has increased the hopes for a trade agreement which would put an end to the trade dispute Washington and Beijing have been involved in since last year.

US President Donald Trump delayed the augmentation of tariffs on Chinese imports in February following consultations with the Chinese side in Washington DC, highlighting that “substantial progress” had been made in trade talks on “important structural issues”.

Trump also announced that “assuming both sides make additional progress,” a summit with his Chinese counterpart Xi Jinping would be held at Mar-a-Lago to conclude an agreement which would bring the trade imbalance between the nations to an end.

China and the US have temporarily stopped the trade war between the two sides so as to hold talks to relieve the situation. When Trump and Xi met on the sidelines of the G20 summit in Argentina last year, a 90-day truce period was decided by them.

On March 1, at the end of the period of truce, the US President had earlier threatened to increase tariffs on the USD 200 billion of Chinese product from 10 percent to 25 percent.

He later extended the March 1 deadline to work out a deal upon “successful” trade talks between the two nations.

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