The US seeks China to take immediate action on trade truce, as White House is expecting China to cut tariff on US autos and end forced technology transfer, alongside end intellectual property theft, a White House Official told on Monday.
On Saturday night, at a dinner over G20 summit, the US president Donald Trump and the Chinese President Xi Jinping agreed to a ceasefire in the recent trade war, as US would not be imposing more tariffs on Chinse goods for next 90 days, however, debate remains whether the countries could find a possible solution to end this dreadful trade war within the given timeframe.
As the two leaders of world’s largest economies have agreed to hold off on putting more tariffs for 90 days, which had started from 1st December, they would be starting to discuss about the disputes on the upcoming months of escalating tension.
In the wake of the trade truce, the global stock market rose on Monday, 3rd December and reached their highest levels in three weeks. On Wall Street, the S&P 500, Nasdaq composite and the Dow Jones Industrial Average all have gained over 1%.
In fact, in order to reach a conclusion of this foreboding trade fight, China has offered over $1.2 trillion in commitments on trade on Saturday, as the Treasury Secretary Mnuchin told on Monday. However, US remained highly aggressive, as US seeks immediate Chinese response