US, China dealing with trade negotiations at the highest levels

The US and China are dealing with the trade negotiations at the highest levels, President Donald Trump said, claiming that America’s steel industry has come “roaring back” following the last year’s tariff hikes.

The Trump administration imposed heavy tariffs on imported steel and aluminium items in March last year, a move that sparked fears of a global trade war.

In the past, China, the world’s second largest economy after the US, imposed tit-for-tat tariffs on billions of dollars worth of American imports. An agreement reached between the two countries on the margins of the G20 summit in Argentina in November deferred the imposition of further tariffs till March.

China has pledged to take measures to step-up American imports and investments to meet the US’ demand of bringing down the USD 375 billion bilateral trade deficit. March 1, 2019 is the deadline for implementing the measures.

Currently, top officials from the United States and China are involved in trade negotiations.