High officials of both China and US are scheduled to hold meetings this week to put an end to the immensely corrosive trade war. The officials of U.S. had previously mentioned the 1st of March as a strict deadline for averting any further increase in tariffs. Both China and U.S. have imposed duties worth billions of dollars on goods imported from one another. The U.S secretary of Treasury Steven Mnuchin and the Vice Premier of China Liu He, are scheduled to hold high-level meetings beginning this Thursday, as both sides are rushing to minimize the cost incurred due to these high tariff charges.
Meetings have already started at the deputy level in Beijing this week. President Donald Trump mentioned that he would allow this unrest to settle just as he can see that there is any premise for putting forward a new deal. The U.S have charged a staggering $250 billion dollar worth of tariff on Chinese goods, while China fought back by charging duties worth $110 billion dollars on products from the U.S.
Both the countries had previously halted its tariff imposition to allow for meetings. This was supposed to last for 90 days. If a settles is not reached by the 1st of March, the U.S has threatened to increase the tariff charges from 10% to 25%. Along with this the U.S president mentioned an additional charge of $267 billion on all products from China.
Washington has kept pressurizing Beijing to make changes to its Economic policies, which are alleged to favor their domestic companies, through further tax relaxations and subsidies. The U.S has also accused the Chinese government of having theft of technology as one of its strategic growth plans, while China mentioned that the U.S is using this tradeoff as an opportunity to contain the rise of their nation.