New trade deal to seal US-China war

Trump and Xi Jinping. Image|Couresy
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A new agreement signed between the US and China will see trade wars eased, a move that will possibly impact the global economy.

The BBC News report that trade disagreements rattled global markets, making the economic environment unconducive.

US President Donald Trump said the pact would be "transformative" for the country’s economy, while the Chinese administration saw it a "win-win" deal set foster trade relationships.

"Together we are righting the wrongs of the past and delivering a future of economic justice and security. Far beyond even this deal, it's going to lead to an even stronger world peace," said President Trump.

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The deal will see China boost US imports by $200bn above 2017 levels and strengthen intellectual property rules, as President Trump government halve some of the new tariffs imposed on Chinese products.

However there are still calls from traders to have more talks to ease tariffs.

"There's a lot of work to do ahead, bottom line is, they should enjoy today but not wait too long to get back to the table for phase two," said Jeremie Waterman, president of the China Center at the US Chamber of Commerce.

The US and China tariff war begun in 2018 weighing down the global economy, disrupting trade flows, dampened global economic growth and unnerved investors.

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Source: BBC

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