pixabay.com
US President Donald Trump has deferred business conflict by expanding the trade agreement with China by 90 days. This important step has given the opportunity to both countries to find solutions and it can also pave the way for the Trump-Summit at the end of this year.
The US and China have extended their trade ceasefire to 10 November till 10 hours before the world’s two largest economies raised tariffs on each other. Beijing and Washington said in a joint statement that the three -digit tariffs declared earlier this year would be postponed for the next 90 days.
Dangerous conflict averted
US President Donald Trump on Monday further extended the trade agreement with China for 90 days, averting a dangerous conflict between the world’s two largest economies. Trump posted on his ‘Truth Social’ platform that he has signed an executive order for expansion and “all other things of the agreement will remain the same.” The last deadline of the 90 -day trading agreement with China was to end at 12.15 pm on Tuesday night. If this had happened, the US could have further increased high taxes of 30 per cent on imports on imports from China and China could respond by increasing the counter duty on US exports. Extending the duration of the agreement, both countries have got time to resolve some of their differences, which probably cleared the path of the summit between Trump and Chinese President Xi Chinfing later this year.
At the same time, American companies doing business with China have also welcomed it. Sean Stein, president of the ‘US-China Business Council’, said that in this detail, both governments will get more time to interact on the trade agreement which is quite “important”. He said that American businessmen hopes that this will improve their market access to China and will maintain necessary trust in companies to make moderate and long -term plans.
Other news