According to information received from the Ministry of Foreign Affairs of the People's Republic of China, the authorities of the country do not want to worsen trade relations with the United States. As a result, the two largest economies in the world decided to abandon tariff threats and work on an expanded trade agreement.
The US and Chinese authorities found a way out of the trade war. Both states have taken a course to strengthen trade relations in various sectors.
Earlier, the US Ministry of Finance announced the suspension of reciprocal trade duties introduction with China, noting significant progress in recent negotiations on this issue. According to the US Treasury Secretary Steven Munchin, the Chinese authorities promised to reduce the duties on a number of goods from the United States.
This information was confirmed by Vice Premier Liu He. He noted that the authorities of the People's Republic of China are determined to stop introduction of reciprocal duties. Both sides expect to take effective measures to reduce the trade deficit, experts say.
