A new agreement signed between the US and China will see trade
wars eased, a move that will possibly impact the global economy.
The BBC News report that trade disagreements rattled global
markets, making the economic environment unconducive.
US President Donald Trump said the pact would be “transformative”
for the country’s economy, while the Chinese administration saw it a
“win-win” deal set foster trade relationships.
“Together we are righting the wrongs of the past and
delivering a future of economic justice and security. Far beyond even this
deal, it’s going to lead to an even stronger world peace,” said President
Trump.
The deal will see China boost US imports by $200bn above
2017 levels and strengthen intellectual property rules, as President Trump
government halve some of the new tariffs imposed on Chinese products.
However there are still calls from traders to have more
talks to ease tariffs.
“There’s a lot of work to do ahead, bottom line is,
they should enjoy today but not wait too long to get back to the table for
phase two,” said Jeremie Waterman, president of the China Center at the US
Chamber of Commerce.
The US and China tariff war begun in 2018 weighing down the
global economy, disrupting trade flows, dampened global economic growth and
unnerved investors.
Source: BBC
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