The negotiators from China have reached an agreement regarding extending their stay at Washington. This comes in the wake of China and the US pushing to reach a consensus on the trade deal. The decision marks the most recent sign of both the countries might be on the brink of reaching an agreement. China and the U.S have been looking to find a way out of the long-drawn trade war that hurt both the countries last year.
According to a statement which the White House shared, President Xi Jinping of China hailed the “progress” developing in the course of the negotiations. Donald Trump, President of the U.S also seconded the opinion and confirmed that it is “more likely” for a deal to be finalized than not. Speaking to reporters present at the White House, Trump communicated that the negotiators from China choosing to stay for a longer while is definitely an indication of something significant. He expressed optimism regarding the deal going through.
Last year saw China and the US place humongous tariffs on each other’s goods worth billions of dollars as they were caught in a deadlock over the terms of trade. Initially, the US had threatened to impose an increase in tariffs on goods worth $200billion to 25% from 10%, in case the two parties were found unable to agree on a particular deal by the deadline of 1 March. However, Trump has been more open and flexible to new ideas and opinions in recent time. This round of talk between the nations marks the fourth round of negotiations.
The U.S President, however, has not committed to any extension of the deadline. He did take note of the progress that has been achieved. This includes an agreement reached on the manipulation of currency manipulation, whose details have not been disclosed.