The US and China have concluded their first round of talks on trade amid rising hopes of an end to trade war and a new trade deal.
China’s Foreign Ministry confirmed on January 9 that the negotiations, which unexpectedly ran into a third day, had finished and that the results would soon be released.
The talks were the first time the two sides had met following the 90-day truce struck by US President Trump and Chinese Premier Xi Jinping at the G20 summit in Buenos Aires, Argentina, in December 2018.
The trade war has so far seen the US and China place approximately US$400 billion on each other’s goods since April 2017.
How can the supply chain prosper amidst growing geopolitical uncertainty? To find out, read a Port Technology technical paper
On January 8, Trump tweeted that talks were going “very well”. Lu Kang, spokesman for the Chinese Foreign Ministry, had this to say in his daily press briefing: “I can confirm that this round of trade talks between China and the US has concluded. I believe that the outcomes of the talks will be out soon.
Talks with China are going very well!
— Donald J. Trump (@realDonaldTrump) January 8, 2019
“I can confirm that the talks did get extended as agreed by the two side. But does that signal a tough process?
“I can only say that in a bilateral consultation, both parties need to make real efforts, and an extended consultation could mean that both parties were seriously and earnestly engaged in it”.
According to Reuters, both sides could release statements on progress of the talks on January 10.