China hopes to reach a new deal with the US to end trade war

A Chinese government ministry issued a statement wherein they stated that China expected to reach a mutual agreement with the United States of America amid the ongoing trade war between both the countries. A representative of China stated that such an agreement would act as a support to increase confidence in the trade market.

An expectation to end the trade war

In addition to this, the spokesperson stated that the end goal of the much-anticipated agreement was to end the ongoing trade war and put an end to all unnecessary tariffs as it would affect China and the US in a positive way.

U.S. President Donald Trump on Oct. 11 chalked out the first part of an arrangement and suspended a threatened hike in tariff, yet authorities on the two sides stated that a lot of work still needed to be done.

Read: China Appeals To Washington For Quick End To Trade War

Trump had initially intended to continue with an increase in tariff to 30% from 25% on about $250 billion worth of Chinese commodities. The Trump-led administration is yet to make a choice on how to acknowledge the planned 10% tariffs on $156 billion worth of Chinese products.

US Treasury Secretary, Steven Mnuchin, said that officials from both the countries are formulating a deal that could be inked as soon as possible. Steven added that President Trump wanted to ink the deal with the Chinese President during the Asia-Pacific Economic Cooperation countries summit to be held in Chile on November 16-17.

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A warning for the Chinese shipping companies

In a separate incident, the Trump-led US administration has issued a warning to Chinese shipping companies in relation to them allegedly switching off their transponders to conceal Iranian oil shipments that are in direct violation of the sanctions imposed by the United States of America.

The US imposed sanctions on five Chinese people and two Chinese COSCO Shipping Corp subsidiaries, stating that they shipped Iranian unrefined fuel, completely disregarding the sanctions imposed on them. 

In their defense, a COSCO shipping tanker codenamed Dalian stated that not even a single one of the ships they owned, had turned off their transponders or stopped transmitting signals. In addition to this, they stated that Dalian will always abide by the set rules.

Read: Iran Says Missiles Strike Its Oil Tanker Off Saudi Arabia

Read: Iran On Tanker Attack: Maritime Piracy Won't Be Left Unanswered

(With inputs from agencies)