abandon

China-US agree to abandon trade war

MNA Business Desk: Washington and Beijing have agreed to abandon any trade war and back off from imposing tariffs on each other, reported news agency.

The announcement came after high-level talks in the US capital and followed months of tensions over what president Donald Trump has blasted as an unfair commercial relationship between the two economic giants.

Vice-premier Liu He, who led Chinese negotiators in Washington said: “The two sides reached a consensus, will not fight a trade war, and will stop increasing tariffs on each other,” state-run news agency Xinhua reported Sunday.

Liu called the agreement a “necessity”, but added: “At the same time it must be realised that unfreezing the ice cannot be done in a day, solving the structural problems of the economic and trade relations between the two countries will take time.”

An earlier joint statement issued in Washington said Beijing would “significantly” increase its purchases of American goods, but offered few details.

The apparent detente comes after months of increasing tensions that have set markets on edge over fears of a damaging trade war.

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