Business

China-US trade war finally averted; know more

This after Liu visited Washington on May 15 at the invitation of the U.S. government for economic and trade consultations

Amid concerns world over of a possible trade war looming between US and China, the Chinese Vice-Premier Liu He announced that the two countries have vowed not to engage in a trade war.

He said that both US and China have pledged to stop increasing tariffs on each other’s items.

This after Liu visited Washington on May 15 at the invitation of the U.S. government for economic and trade consultations.

Liu said the US and China will strengthen their trade cooperation in areas like energy, agriculture products, healthcare, high-tech products, and finance.

Chinese media outlets also confirmed it.

This will help China promote the high-quality development of its economy and contribute to the US effort to reduce its trade deficit, he added.

He also said the two countries will also enhance their cooperation in mutual investment and intellectual property protection.

It is said that China has promised to bridge the massive trade deficit with the US.

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