US Treasury Secretary: China-US Trade Agreement Makes Progress
US Treasury Secretary Scott Bensons said that China and the United States have made "very good progress" on the technical details of the trade agreement.
Bensons said before the second day of negotiations in Madrid, "We have made very good progress on the technical details and comprehensive terms of the agreement."
YouTube live-streamed this.
He also pointed out that the Chinese side has put forward a "very radical request," which the US side will study.
Currently, China and the United States are actually in a trade war. This trade war started when US President Donald Trump imposed a 10% tariff on all Chinese goods in February this year. In March, the tariff was raised to 20%. After several rounds of reciprocal measures, the US tariff on Chinese goods reached 145%, while the Chinese tariff on US suppliers reached 125%.
In mid-May, China and the United States agreed to reduce trade tariffs to 10% for 90 days starting from May 14. China began to impose a 10% tariff on imported US goods, while the US imposed a 30% tariff on Chinese products because the additional 20% tariff on "fentanyl" remained in effect. In late spring and early summer, both sides accused each other of violating the preliminary agreement.
Original: www.toutiao.com/article/1843318254570507/
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