The China Ministry of Commerce said in a statement on Friday that “China and the US are intensifying efforts to implement the results of the London framework.”
Additional conclusions
China is reviewing requests for export licenses for controlled articles in accordance with laws and regulations.
The US is expected to continue working with China in the same direction and correct incorrect practices.
UU. He has informed China about the cancellation of restrictive measures against China.
The teams on both sides are intensifying efforts to implement the results of the London framework.
UU is expected to jointly promote economic and commercial relations between China and the US.
The London framework was ‘difficult to get’, dialogue and cooperation are the right way.
Market reaction
The Chinese proxy, the Australian dollar (AUD) seems to be little impressed by these comments since the aud/USD remains 0.08% lower in the day at 0.6570.
Commercial War between the US and China – Frequently Questions
In general terms, “Trade War” is a commercial war, an economic conflict between two or more countries due to the extreme protectionism of one of the parties. It implies the creation of commercial barriers, such as tariffs, which are in counterbarreras, increasing import costs and, therefore, the cost of life.
An economic conflict between the United States (USA) and China began in early 2018, when President Donald Trump established commercial barriers against China, claiming unfair commercial practices and theft of intellectual property by the Asian giant. China took retaliation measures, imposing tariffs on multiple American products, such as cars and soybeans. The tensions climbed until the two countries signed the Phase one trade agreement between the US and China in January 2020. The agreement required structural reforms and other changes in China’s economic and commercial regime and intended to restore stability and confidence between the two nations. Coronavirus pandemia diverted the attention of the conflict. However, it is worth mentioning that President Joe Biden, who took office after Trump, kept the tariffs and even added some additional encumbrances.
Donald Trump’s return to the White House as the 47th US president has unleashed a new wave of tensions between the two countries. During the 2024 election campaign, Trump promised to impose 60% tariff particularly in investment, and directly feeding the inflation of the consumer price index.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
