President Donald Trump has said that the US and China are “very very close” to signing a trade agreement, potentially ending the long-running feud between the two countries.<\/p>\n\n\n\n
Mr Trump told US governors on Monday that both nations “are going to have a signing summit”.<\/p>\n\n\n\n
“Hopefully, we can get that completed. But we’re getting very, very close,” he said.<\/p>\n\n\n\n
It follows a decision to delay imposing further trade tariffs on Chinese goods.<\/p>\n\n\n\n
At the weekend, Mr Trump said both sides had made “substantial progress” in trade talks following a summit in Washington last week.<\/p>\n\n\n\n
The rise in import duties on Chinese goods from 10% to 25% was due to come into effect on 1 March.<\/p>\n\n\n\n
Instead, Mr Trump said the US is now planning a summit with Chinese Premier Xi Jinping at the US President’s Mar-a-Lago resort in Florida.<\/p>\n\n\n\n
US shares rose on the decision to delay tariffs, with the Dow Jones Industrial Average closing 0.23% higher at 26,091.9.<\/p>\n\n\n\n
The S&P 500 and the Nasdaq also finished trading in positive territory.<\/p>\n\n\n\n
As he prepared to meet North Korean leader Kim Jong-un in Vietnam, Mr Trump also tweeted that a China trade deal was in “advanced stages”.<\/p>\n\n\n\n
Mr Trump’s decision to delay tariff increases on $200bn (\u00a3153bn) worth of Chinese goods was seen as a sign that the two sides were moving ahead in settling their damaging trade war.<\/p>\n\n\n\n
Last week, Mr Trump noted progress in the latest round of negotiations in Washington, including an agreement on currency manipulation, though no details were disclosed.<\/p>\n\n\n\n
Sources told CNBC on Friday that China had committed to buying up to $1.2 trillion in US goods, but there had been no progress on the intellectual property issues.<\/p>\n\n\n\n
Gregory Daco, chief US economist at Oxford Economics, said: “We had anticipated such a delay and believe a handshake agreement in which China will promise to import more agricultural products, work towards a stable currency and reinforce intellectual property rights protection will be achieved in the coming weeks.<\/p>\n\n\n\n
“However, we don’t foresee a significant rollback of existing tariffs, and see underlying tensions regarding China’s strategic ambitions, its industrial policy, technological transfers and ‘verification and enforcement’ mechanisms remaining in place.”<\/p>\n\n\n\n
What has happened in the trade war so far?
\nMr Trump initiated the trade war over complaints of unfair Chinese trading practices.<\/p>\n\n\n\n
That included accusing China of stealing intellectual property from American firms, forcing them to transfer technology to China.<\/p>\n\n\n\n
The US has imposed tariffs on $250bn worth of Chinese goods, and China has retaliated by imposing duties on $110bn of US products.<\/p>\n\n\n\n
Mr Trump has also threatened further tariffs on an additional $267bn worth of Chinese products – which would see virtually all of Chinese imports into the US become subject to duties.<\/p>\n\n\n\n
The trade dispute has unnerved financial markets, risks raising costs for American companies and is adding pressure to a Chinese economy that is already showing signs of strain.<\/p>\n\n\n\n
It has also stoked fears about the impact on the global economy.<\/p>\n\n\n\n
Last year, the International Monetary Fund warned the trade war between the US and China risked making the world a “poorer and more dangerous place”.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Donald Trump has said that the US and China are “very very close” to signing a trade agreement, potentially ending the long-running feud between the two countries. Mr Trump told US governors on Monday that both nations “are going to have a signing summit”. “Hopefully, we can get that completed. But we’re getting very, very close,” he said. It… Read more »<\/a><\/p>\n","protected":false},"author":133,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[119],"class_list":["post-3183","post","type-post","status-publish","format-standard","hentry","category-article","tag-bbc-news"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/133"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=3183"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3183\/revisions"}],"predecessor-version":[{"id":3184,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/3183\/revisions\/3184"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=3183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=3183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=3183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}