22:59 GMT24 October 2020
Listen Live
    Get short URL

    Washington and Beijing announced on 13 December that they had worked out the phase one trade deal that is expected to be signed in early January. As part of the deal, the sides agreed to not introduce new duties that were planned to go into effect on 15 December.

    United States Trade Representative Robert Lighthizer has claimed while speaking on CBS' "Face the Nation" programme that the US-China phase one trade deal is "totally done", although there would be some routine "scrubs" to the text. Lighthizer continued on by saying that the trade deal would nearly double US exports to China within two years.

    The Chinese side earlier in the day expressed hope that Beijing and Washington would be able to resolve the existing problems on the basis of equality and mutual respect.

    Trade tensions between the United States and China escalated in late August as China said it would apply tariffs ranging from five to 10 percent on $75 billion worth of US goods and a 25-percent duty on American cars. The move followed Washington's decision to impose additional 10 percent tariffs on $300 billion worth of Chinese imports starting 1 September and 15 December.

    The world’s two leading economies have been engaged in a trade war for more than a year over what US President Donald Trump deemed unfair economic conditions and non-competitive behaviour from China. Beijing has denied such claims, saying that the trade row is not beneficial to either side or the world economy. The standoff has translated into tit-for-tat tariff hikes on imported goods between the countries.

    import duties, trade duties, trade war, deal, trade, China, US
    Community standardsDiscussion