There might finally be a break in the US-China trade tension, as China is now looking to engage in talks. China is sending a trade delegation to Washington DC later this month, to see if they can find an impasse.
China and the US did have official talks in May when the US Treasury and Commerce department officials went to Beijing before the tariffs where announced. The US and China are the world’s two biggest economies with both being each other’s most important trade partners.
The Trade tariffs were initiated by the US, blaming unfair Chinese trade practices. US tariffs are costing China $34 billion on imports, with US President Donal Trump planning on introducing more tariffs this month. China is attempting to halt any more escalation, as they too have retaliated with their own tariffs on US goods.
The trade war was starting to cause damage to US farming, China’s economy and other developing and emerging markets that were indirectly affected. Talks between the US and China are much needed as the trade war has no positive end result for any country.
The goal for the US is changing how China does business and allows for fair and reciprocal trade, as well as the protection of US intellectual property.