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US-China Reach ‘Substantial' Phase One Trade Deal


A 15-month long bruising trade war is seeing some easing as the talks between the two nations have once again commenced. While on Thursday, the US President Donald Trump said that the progress on the front has been very good. On Friday, he said that the nations have reached a a substantial "phase one" trade deal on intellectual property, financial services and big agricultural purchases.

US-China Reach ‘Substantial' Phase One Trade Deal

At the same time, Chinese Vice Premier Liu said that the efforts will be continued to reach a win-win resolution.

Also, Trump cancelled the tariff hike that was to be implemented from Tuesday on some goods worth $250 billion. Moreover, the Chinese government gave a consensus on stepping up its agricultural purchases.

Though the short term issues will be resolved, the bigger problems will continue to remain with the problem focused on accusations of intellectual-property theft, forced technology transfer and complaints concerning Chinese industrial subsidies.

Also, with the development, the spread in case of three-month and 10-year Treasury yields widened to become positive.

Read more about: trade war us china
Story first published: Saturday, October 12, 2019, 11:49 [IST]
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