During the sidelines of the 70th National Day celebrations in the People's Republic of China, the Vice Commerce Minister, Wang Shouwen announced on September 29 that China's top negotiator will head the negotiations in the upcoming 13th round of talks. Vice Premier Liu He will visit the United States in order to resolve the ongoing trade war between the two greatest economies of the world. The exact dates of the talks still remain unknown but the meetings will be scheduled after the National Day holiday which runs throughout October 7.
According to the Vice Commerce Minister, the two sides should find a solution through “equal dialogue”. The main goal of the trade talks will remain mutual respect, equality, and mutual benefit. Both countries, have made gestures indicating the wish to end the biggest trade war in history. The US President first imposed tariffs on Chinese goods in 2018 in a bid to win some concessions from China. As the latter imposed similar tariffs on American goods, the trade war began a matter of 'tit-for-tat'. This escalation has created a steep decrease in stock markets, both Asian and American. This trade war managed to pose a great threat to the global economy. However, the deal still remains difficult to achieve.
America postponed some tariff hike on the Chinese goods, and in returned China lifted punitive duties on soybeans. This move has not only helped American farmers but also the Chinese pig breeders who use soy to feed and are currently struggling with the devastating outbreak of African swine fever. The Vice Commerce Minister Qian Keming said that the Chinese government released the third round of ten thousand tons of pork from its reserves on Sunday as an effort to stabilize the rising prices ahead of the National holiday. In addendum to that, Beijing has also increased the pork imports by 40 percent in the initial eight months of this year along with other meats. Qian also said that the average wholesale price of pork had decreased slightly during the week of September to $5.11 per kilogram.
(With AP inputs)