China and the U.S. have agreed to a 90 day truce from the upcoming trade war during the G20 Summit meeting in Argentina. President Trump has agreed to hold off on increasing any more tariffs, while China has agreed to purchasing “not yet agreed upon, but very substantial” amount of agricultural, energy, industrial and other products from the US to reduce the trade imbalance between them. The leaders of both countries will meet in March 2019 to negotiate further.
The reaction from the public has been mixed. Some believe that this is a sign that the end of the trade war may be in sight, and mutually beneficial solutions may soon be discussed. Others say the truce doesn’t solve anything and is a pyrrhic victory at best. General Secretary Xi Jinping may be hard pressed to make concessions he may not want to, causing him to lose face, which could reignite the trade war.
Regardless, many companies are breathing a sigh of relief at having a 3 month break from the ordeal.
Please visit our contact us page to see if you would be able to benefit from this break.
For European inquiries, please visit https://global-china-sourcing.com/en/contact-us/
Image Copyright : alphaspirit