March 19, 2019

China – U.S trade deal negotiations making step-by-step progress – Chinese Media

China – U.S trade deal negotiations making step-by-step progress – Chinese Media

 

 

The People’s Daily – the official newspaper of the ruling Communist party – said talks this past week made important progress, striking a fresh tone of optimism ahead of more discussions in Washington in the coming days.

 

 

European markets have enjoyed a strong week as optimism of a resolution buoyed investors across the world.

 

Reports emerged that US President Donald Trump was willing to push back his March 1 deadline to impose further tariffs on Chinese imports.

ALSO READ: US-China Trade War Could Lead To A Recession By 2020

 

On Friday, President Xi Jinping said the discussions between a US delegation and Chinese representatives produced ‘step-by-step’ progress.

 

But the talks concluded without an official statement from either of the world’s two largest economies, slowing some of the momentum gained by markets.

 

US tariffs on $200bn worth of imports from China are set to rise to 25 percent from 10 percent unless a deal is struck by March 1 – if Trump does not extend the deadline.

 

The Chinese newspaper boosted hopes of a resolution in a commentary piece overnight.

 

It said: ‘It is hoped that the two sides will maintain the good momentum of the current consultations and strive to reach an agreement within the set time limit.’

ALSO READ: Trump, Xi Set 90-day Window to End Trade War

An editorial in the Global Times, which is published by the People’s Daily, said news that China had consulted on the text of a memorandum of understanding ‘shows the two sides have made unprecedented progress.’

 

‘The MOU and next week’s talks both show that the seemingly endless China-U.S. trade negotiations, like a marathon, are making a final sprint,’ it said.

 

But a China Daily article provided some caution to the tricky negotiations ahead.

 

It said: ‘There are still obstacles to be overcome, and no one should underestimate how daunting a task the two sides face trying to resolve all the differences that have long existed between them in one clean sweep.’

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