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US-China trade: Trump touts progress in talks for deal | US-China trade: Trump touts progress in talks for deal |
(about 11 hours later) | |
"Big progress" is being made in US-China relations, Donald Trump has said, at the end of a year that has seen both countries apply tit-for-tat tariffs. | "Big progress" is being made in US-China relations, Donald Trump has said, at the end of a year that has seen both countries apply tit-for-tat tariffs. |
A trade war erupted earlier this year when Mr Trump complained China was not doing enough to address a trade imbalance between the nations. | A trade war erupted earlier this year when Mr Trump complained China was not doing enough to address a trade imbalance between the nations. |
Earlier this month, both agreed to suspend new tariffs to allow for talks. | Earlier this month, both agreed to suspend new tariffs to allow for talks. |
Mr Trump said he and Chinese President Xi Jinping spoke on Saturday and that talks were "moving along very well". | Mr Trump said he and Chinese President Xi Jinping spoke on Saturday and that talks were "moving along very well". |
Mr Trump did not offer more detail on what specific progress was being made. | Mr Trump did not offer more detail on what specific progress was being made. |
Chinese state news agencies confirmed the call had taken place, but were more guarded in their language. | Chinese state news agencies confirmed the call had taken place, but were more guarded in their language. |
China's CCTV channel said Mr Xi praised the US for seeking "co-operative and constructive Sino-US relations". | China's CCTV channel said Mr Xi praised the US for seeking "co-operative and constructive Sino-US relations". |
Unusually, it was Mr Trump who first confirmed his call with Mr Xi, not the other way around. | Unusually, it was Mr Trump who first confirmed his call with Mr Xi, not the other way around. |
What's the background to the trade war? | What's the background to the trade war? |
Mr Trump campaigned for president on a pledge to make trade fairer for the US, and repeatedly blamed China's trading practices for making American manufacturers less competitive. | Mr Trump campaigned for president on a pledge to make trade fairer for the US, and repeatedly blamed China's trading practices for making American manufacturers less competitive. |
The US imposed tariffs on a number of Chinese products, including consumer and industrial items such as handbags and rice. | The US imposed tariffs on a number of Chinese products, including consumer and industrial items such as handbags and rice. |
China responded in kind, and both sides - the world's two largest economies - ended up imposing tariffs on billions of dollars of goods. | China responded in kind, and both sides - the world's two largest economies - ended up imposing tariffs on billions of dollars of goods. |
The US has hit $250bn of Chinese goods with tariffs since July, and China retaliated by imposing duties on $110bn of US products. | The US has hit $250bn of Chinese goods with tariffs since July, and China retaliated by imposing duties on $110bn of US products. |
Tariffs ended up raising costs for American companies. Analysts say this is one of a number of factors that have put pressure on markets in recent weeks. | Tariffs ended up raising costs for American companies. Analysts say this is one of a number of factors that have put pressure on markets in recent weeks. |
What's changed in recent weeks? | What's changed in recent weeks? |
In early December, Mr Xi and Mr Trump met after the G20 summit in Buenos Aires for the first time since their trade war started. | |
Mr Trump agreed not to boost tariffs on Chinese goods from 10% to 25% on 1 January, and the US said China would buy a "very substantial" amount of agricultural, industrial and energy products. | Mr Trump agreed not to boost tariffs on Chinese goods from 10% to 25% on 1 January, and the US said China would buy a "very substantial" amount of agricultural, industrial and energy products. |
The details of that deal are yet to be ironed out, however. | The details of that deal are yet to be ironed out, however. |
Negotiators from both countries have been in touch over recent weeks and face-to-face talks could take place in January. | Negotiators from both countries have been in touch over recent weeks and face-to-face talks could take place in January. |
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