There are two more important rounds of talks for the trade agreement to come to a close.
The U.S. Treasury Secretary Steven Mnuchin has said that he hopes for “substantial progress” from the trade talks.
Along with Mnuchin, the U.S. Trade Representative Robert Lighthizer will be holding talks with the Chinese officials in Beijing. Later, the Chinese Premier Liu He will be going to Washington to end the trade deal talks, which the world is waiting for expectantly.
The trade war has hurt the global economy in general and the two largest economies in particular. Talks on major critical issues have been doing the rounds for the past several months. Some of them are theft in intellectual property, forced transfer of technology and the rollback of tariffs.
Almost all countries have been affected by the trade tariffs imposed by the two countries. Billions of dollars have been lost, as the financial markets have witnessed severe turmoil. The supply chains have been disrupted leading to many business failures and a slowdown in the economy.
Though the issues are being resolved, there are some sticky points regarding the rollback of the tariffs, timelines for lifting them and the enforcement mechanism for the deal.
A Chinese official has said that though talks are in their final stages, the sides are still “sprinting”. Another official has said that both the countries should not go back on the promises made.
Meanwhile, President Donald Trump has said that the deal may be worked out in about a month. He would be hosting a meeting at the White House with Chinese President Xi Jinping.
The final outcome is much awaited by all, as the global market has taken a beating by the trade tariffs. China expects a win-win agreement which will mutually benefit both countries. Wang Yi, the State Councillor and China’s top diplomat says that the interests of both countries are deeply connected.