US and China closer to rubberstamp a trade deal by March 27th


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US and China closer to rubberstamp a trade deal by March 27th

The China and United States appeared to be closing in to seal a trade deal by the end of March, 2019, which apparently would put an end to a eight-month-long tariff conflict between the two largest economic superpowers of the world and peter out an additional US tariff over at least $200 billion worth of Chinese imports, a spokesman familiar with the negotiation revealed on Sunday, the 3rd of March.

Concomitantly, a Wall Street Journal report revealed on Sunday (March 3rd) that the Chinese President Xi Jinping and the US President Donald Trump could sew up a formal trade deal over a summit scheduled to be held on March 27th, considering the progresses in talks between two countries including six “memorandum of understanding” agreed by both sides in the latest leg of an exhaustive seven-day-long trade talk.

In an eight month long tit-for-tat tariff conflict, the US had inclined hostile tariffs on at least $250 billion worth of Chinese imports, while Beijing backlashed with tariffs on $110 billion worth of US goods, including critical agricultural product such as Soybean, which kept the US farmers dried out over a period of six months and reports revealed US farm products were rotting in the field.

On Monday, the 4th of March, White House officials had also been quoted saying that the two presidents were expected to seal a practical trade deal over an upcoming summit at Trump’s Mar-a-Lago estate in Florida.