World trade
Commercial dispute: China and the USA achieve temporary result
In the trade dispute, China and the United States speak on neutral ground for two days. A preliminary plan has been determined after the meeting. But it still has to overcome an important hurdle.
China and the USA have an interim result during their trade talks. Both sides would have agreed on a framework to implement the consensus that the Presidents of both countries achieved in their phone call on June 5 and who had reached the negotiators at Talks in Geneva in mid -May, said China’s negotiators for trade questions, Li Chengang, according to the official news agency Xinhua.
US trade minister Howard Lutnick also spoke in front of reporters in London of a framework achieved to implement the agreement of Geneva, as it was said in unanimous media reports. The results negotiated in the British capital want to present both delegations to their respective president, who have to decide about it.
The decision lies with heads of state
As soon as US President Donald Trump and China’s state and party leader XI Jinping agree, the agreement is said to be implemented. More details about the content were initially not known.
Li described the two days of discussions according to Xinhua as “professional”, “honest” and “reasonable”. The hope is that the progress at the London meeting strengthens the trust between China and the United States, he said.
Further escalation averted?
This indicates a path for further de -escalation in the tense trade relationships of the two largest economies in the world. The 90-day break that has been in force since mid-May is currently running in the hot-running customs dispute. In Geneva, the USA and China had agreed to reduce its surcharges on imports from the other country of 145 percent and 125 percent by 115 percentage points and negotiate during the break.
At the meeting in London, on the other hand, the focus was on export restrictions. China restricted the export of important rare earths in April and demands a complex application process for export licenses. The United States, on the other hand, limited the sale of important chip design software and aircraft components to China. It was initially not known when and where the two countries wanted to negotiate next.
dpa
Source: Stern
