Last year, Washington and Beijing imposed tariffs on more than $360 billion in two-way trade, after Trump initiated the trade war because of complaints over unfair trade practices. But the procurement of goods from China has undergone a remarkable change after the US and China push to strike a trade deal. The decision was the latest sign that the two countries may be nearing an agreement, as they look for a way out of last year’s punishing trade war. According to The Economic Times “ Chinese and US officials discussed exchange rates and reached a consensus on many “important” issues during the latest round of negotiations to end the trade war.”
The agents in China for sourcing are taking this progress as a positive sign for growing business between the two economic superpowers of the world. It can be assumed by the latest progress of events, a substantive deal has been agreed, and a new wave of development is on the horizon. Investors welcomed signs of optimism from the talks. Stocks rose globally after the two economic powers appeared to inch closer to an agreement. This move would help restore badly shaken confidence in the U.S.-China trade relationship. It is expected that the end of trade conflict will have a positive impact on the entire China wholesale items sourcing sector.
Ultimately, we can say, the two superpowers in the world have managed to understand that their progress lies at the core of their integrated economy. It is quite evident that even the slightest of disruption to their relationship will have an adverse impact on the global business and economy. According to the community of agents in China for sourcing, the future health of the global economy depends on a good working partnership between both the countries. National People’s Congress spokesman Zhang Yesui said the interests of the United States and China were “deeply intertwined” and both sides should “continue to step up consultations to reach a win-win agreement.” The US and China should try to abstain from practicing these sort of self-harming trade policies in the coming future.