US President Donald Trump agreed with his Chinese counterpart, Xi Jinping, to extend the trade truce with China, which was set to expire in November, until January 10, 2027.

The decision was confirmed this week by the Ministry of Commerce of the People’s Republic of China. Regarding this, it is known that this extension of the truce “will allow sufficient time to measure the impact of the agreement and provide greater certainty and stability to the markets of both nations while substantive talks continue, according to international media.”

Likewise, both parties agreed to “create a bilateral Trade Council and an Investment Council, which will oversee trade and address obstacles in the sector.”

“This is part of the eighth round of economic and trade consultations held in New York,” according to the media.

The functions of the bilateral Trade Council include “addressing this tariff package, while the Investment Council will focus on addressing business opportunities and obstacles.” A “reciprocal tariff reduction on products valued at approximately $30 billion for each party” is expected. This measure could benefit approximately 90 % of goods.

M.Pino

Source: ultimasnoticias

(Reference image source: Paul .T on Unsplash)

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