Are the U.S. and China Headed for a Stopgap Trade Deal?

Are the U.S. and China Headed for a Stopgap Trade Deal?
U.S. Trade Representative Robert Lighthizer, left, Chinese Vice Premier Liu He, center, and Treasury Secretary Steven Mnuchin, right, prepare for a photo op in Shanghai, China, July 31, 2019. (AP photo by Ng Han Guan).

Editor’s Note: Every Wednesday, WPR Newsletter and Engagement Editor Benjamin Wilhelm curates the week’s top news and expert analysis on China.

A Chinese delegation led by Deputy Finance Minister Liao Min traveled to Washington on Wednesday to lay the groundwork for trade negotiations with the United States that are set to begin in October. The visit follows several goodwill measures by both sides, as they seek to contain the costs of an escalating trade war. A comprehensive trade deal is still a distant prospect, but a more limited agreement appears to be within reach.

Last Wednesday, China published a short list of American goods that will be exempt from Beijing’s retaliatory tariffs, prompting President Donald Trump to reciprocate by delaying the next round of U.S. tariffs on Chinese goods for two weeks. They were set for Oct. 1, the 70th anniversary of the People’s Republic of China. In a further positive signal, Beijing on Friday said it would exempt some agricultural goods, like soybeans and pork, from additional tariffs. The day before, China had made its biggest purchase of American soybeans in over a year.

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