China, America agreed to not enter in upcoming war

China and the United States agreed to not enter into the upcoming trade war and to not impose additional custom duties on the goods between the two countries.

20 May, 2018 13:09

NEWS DESK

The Chinese Vice Premier Liu He announced on Saturday that Beijing and Washington agreed to not enter into a trade war that had been expected, and to not impose additional custom duties on the goods of the other country.

Liu He quoted from Xinhua official news agency saying, "The two sides reached a consensus to not engage into a trade war and to stop increasing tariffs on each other."

Liu has stated after heading the Chinese delegation to Washington this week as he held negotiations with US Trade Secretary Stephen Mnuchin.

The two countries issued a joint statement on Saturday announcing that they held an agreement to reduce significantly the US trade deficit with China’s commercial exchanges, but without details.

The deal represented a breakthrough in the crisis between the two countries as it formed a concession by Beijing which agreed to the principle of reducing trade deficit, but without committing to any number in contrary to what the President Donald Trump demanded.

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