Its been several weeks since the highly anticipated trade talk between the two largest economies in the world. Though the details of the talk have not official yet, experts consider it a success. The partial deal prevented the United States’s scheduled increase of tariffs from 25% to 30% on Chinese imports. In the opposite front, China agreed to buy Washington-based agricultural products worth 40-50 billion USD.
The trade talk has relieved the world economy, which is currently going through a slow down period. As both nations are working towards a trade agreement, the United States is considering a tariff exclusion on Chinese imports. Washington is planning to exclude tariffs on certain imports from China worth 34 billion USD. The United States trade representative confirmed the news yesterday.
Washington is planning to exempt nearly 1000 Chinese products, which were included in July 2018. In September, China announced its plan to exclude a number of USA-based products from the tariffs list, including soybeans amid the talk. Important topics like intellectual property rights and financial services were discussed during phase one deal.
The final confirmation about the development yet to be done. The Asian market is improving, owing to the relationship development between the two countries.
