As former US Secretary of State Henry Kissinger noted, negotiations on a trade deal could start a political discussion between the United States and China.
Kissinger: So far, the US and China вЂњfar from being too lateвЂќ
The United States and China are on the eve of the Cold War, former Secretary of State of the United States Henry Kissinger said at a global forum in Beijing on November 21, Bloomberg reported.
According to him, it is important that the period of tension between Washington and Beijing be accompanied by the efforts of both sides in overcoming it.
Kissinger added that so far the parties are вЂњfar from being too lateвЂќ because they are only вЂњin the foothills of the Cold War.вЂќ
The former secretary of state noted that the results of the US-China conflict could be disastrous, as the parties possess better weapons than during the Cold War of the United States and the Soviet Union.
Kissinger expressed the hope that negotiations on a trade deal between Washington and Beijing could be the beginning of political discussions.
U.S.-PRC trade relations worsened after U.S. President Donald Trump announced the introduction of a 25% customs duty on China for $50 billion worth of goods in the summer of 2018. China introduced the same return duties on imports from the United States.
On May 5, 2019, Trump announced that negotiations on a trade agreement were too slow, and on May 10, tariffs on Chinese imports with a total value of $200 billion rose from 10% to 25%. In response to the introduction of duties by the American side, China introduced new duties on goods from the United States on June 1 totaling $60 billion.
In June 2019, Trump said that if a trade agreement between the United States and China is not signed, the American side will introduce regular duties on Chinese goods worth $325 billion. On August 1, the President of the United States announced that Washington would introduce an additional tariff for the entire volume from September 1 goods from China, which is still not subject to customs duties. On August 23, China announced that it would impose additional tariffs on imports of US goods worth about $75 billion in response to a recently announced U.S. tariff increase for Chinese goods.
On September 5, a conversation took place between Vice Premier of the State Council Liu He and Trade Representative of the United States of America Robert Lightheiser about new trade consultations.
On October 31, Trump announced that the United States and China are preparing to sign the first part of the trade agreement, which represents about 60% of the total deal.