Trump had telephonic talk with Chinese counterpart on trade progress

Trade relation between Washington and Beijing is going to improve. President Trump tweeted today revealing he had a long and very good telephonic talk with Chinese counterpart Xi.

Trump said, “Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made.”

Earlier tbis year the two countries imposed tariffs on more than $300 billion worth of goods in both way trade. In their conflict stock market plunged and profits were eaten up.

Early December the two leaders agreed a 90-day trade truce and worked on easing trade tensions by March 1. Small signs of progress were seen and Trump didn’t announce any fresh threats.

Lately China approved US rice imports and announced to be seen suspending extra tariffs on US-made cars and auto parts.

Trump initiated trade war complaining the unfair trade practices by China. He is seeking reduction in US trade deficit and bring deeper reforms.

In January trade negotiations will be seen between US and China.

Chinese commerce ministry spokesman Gao Feng said, “The Chinese and US economic and trade teams have always maintained close communication… In January, in addition to maintaining intensive telephone consultations, the two sides have made specific arrangements for face-to-face consultations.”

Since the truce this will be the first time both the countries will have face-to-face talks and the US team will be led by Deputy US Trade Representative Jeffrey Gerrish.