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US-China trade negotiations begin

ANI  |  Washington D. C. [India] 

on Tuesday confirmed that negotiations with over halting the escalating trade tensions between the two countries are underway.

In a series of tweets, stated that Trade Representative Robert Lighthizer will be working closely with Larry Kudlow, Steven Mnuchin, and the United States to see whether a "REAL" deal with is possible.

Confirming that he will "happily sign" the deal if it is "fair", asserted that he is a "Tariff Man", adding that he will make pay for the privilege of raiding American wealth if an agreement is not reached upon by the two countries.

Trump and his Chinese counterpart had on December 1 agreed to a temporary truce during their dinner held on the sidelines of the summit in

While Trump agreed to not raise the current 10 per cent tariffs on the USD 200 billion worth of Chinese goods to 25 per cent "at this time", quoted as saying that China agreed to purchase "very substantial" amounts of agriculture, energy, and other goods in order to restore trade balances.

Additionally, China agreed to "reduce and remove" tariffs on US-made cars, which currently stand at 40 per cent and reclassify 'fentanyl' as a 'controlled substance', with the terming the latter a "wonderful humanitarian gesture".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 03:25 IST