Is an end opt the trade tensions and the looming trade war between India and China in sight?
Such questions were raised after the U.S. President Donald Trump announced the visit of some of his top economic advisers to China. Trump said on Tuesday that the delegation would be leaving for China “in a few days” to hold deliberations on the ongoing trade tensions between the two countries and one that has rocked the global market on multiple occasions.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin would be part of the delegation to visit China.
China and the United States has bene locked in a tit for tat styled trade dispute al throughout this year. Import tariffs have already been imposed by each of the countries on some specific good from the other country and there have been threats issued by both parties of further tariffs on other goods that can run into values of tens of billions of dollars.
The global financial market has been shaken up with the looming prospect of a trade war between the two largest economies of the world. However, some degree of optimism was expressed by Trump on Tuesday in relation to the planned trade talks. “I think we’ve got a very good chance of making a deal,” he said.
However, he also issued a waring that the U.S administration will continue with its plan of imposing tariffs on Chinese goods worth as much as $150 billion if an agreement was not reached. And correspondingly, warnings of a tit for tat tariffs have also been issued by China on U.S. products that would include soybeans, aircraft and cars.
No details on who Mnuchin and others would bene meeting in China or when they are scheduled to leave for China have bene provided by the U.S. officials.
A possible visit to China was “under consideration”. Mnuchin had said on Saturday and had added that he was “cautiously optimistic” about being able to broker a trade deal with China. Washington’s “willingness to hold bilateral trade talks” was welcomed by the Chinese government on Sunday.
There were no immediate comments by the Chinese authorities on Trump’s comments on Tuesday about the visit.
Earlier, a discussion with Chinese President Xi Jinping’s top economic adviser, Lui He was held by Mnuchin on the issue of rising trade tensions between the two countries.
A number of alterations in its trade policies would be made by China in relation to some of the complaints that have been raised by China in relation to Chinese trade and investment policies, Xi had promised earlier this month in a speech.
However, a number of those promises were already among the ones that the country had pledged in other forms earlier. however, it would be very difficult for the two parties to arrive at an agreement at some of the controversial issues raised by the U.S. such as the manner in which China pays hands on U.S. technology.
(Adapted from Money.CNN.com)