U.S., China Vow to Try Again to Make Trade Truce a Success – RVBusiness – Breaking RV Industry News
U.S. and Chinese negotiators agreed late Tuesday to try again to implement the trade war truce that collapsed amid recriminations on both sides just weeks after it was reached during an earlier round of talks in Geneva, according to a report by The Washington Post.
Speaking near midnight in London, Commerce Secretary Howard Lutnick announced what he called a “handshake” deal to put into effect the terms of the May 12 U.S.-China agreement that called for both nations to lower their tariffs and take additional steps to facilitate trade.
“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” Lutnick told reporters, referring to a June 5 telephone conversation between President Donald Trump and Chinese President Xi Jinping. “I think it’s really beneficial to the United States of America. It’s very beneficial to the Chinese and the China economy.”
U.S. and Chinese negotiators plan to return to their respective capitals to brief their presidents. Assuming the two leaders approve, the deal will be put into immediate effect.
Negotiators released no text of either the London framework or the earlier Geneva accord to de-escalate the U.S.-China trade war. But Lutnick said both nations would remove new trade barriers they had erected as the truce broke down.
Click here for the full report by The Washington Post.
