Beijing, WashingtonThe US Chamber of Commerce has been optimistic about the talks that have been held to resolve the trade dispute between the US and China. Progress has been made in the negotiations on a number of issues, said Thursday Myron Brilliant, vice-president of advocacy. The talks are in the "final phase".
After the meetings this week in Beijing, the next round of negotiations in Washington is scheduled for next week. If the talks are positive, it could then come to a meeting of Trump and China's President Xi Jinping, where then an agreement is to be sealed.
For months, the two largest economies in the world have been witnessing an unprecedented trade war that is weighing on the world economy. The US has imposed special duties on goods from China worth more than 250 billion euros. China responded with retaliatory tariffs.
Observers believe China could commit to buying more US goods as part of a compromise. In addition, Washington expects measures to improve protection against piracy and an end to compulsory technology transfer to US companies operating in China. However, it is still a matter of dispute as to what measures can be taken to ensure that Beijing keeps its promises. According to Mnuchin, progress has been made on this issue.
The trade dispute is weighing on the Chinese economy. After recovering in March, sentiment deteriorated again in April. The purchasing managers' index of the business magazine "Caixin" fell according to data from Tuesday from 50.8 points in the previous month to 50.2 points. Thus, the industrial activity continues to be expansive, but slower than before. New orders overall fell slightly, but are still in positive territory. However, with decreasing demand abroad, the new export orders declined.
"In general, China's economy showed resilience in April, but stabilized on a weaker basis and did not reach a turning point for the better," said economist Zhong Zhengsheng.
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