US and China reach preliminary agreement on trade policy

Washington and Beijing have made progress in their ongoing trade talks, with preliminary understandings reached on a range of issues, according to Chinese Deputy Minister of Commerce Li Chenggang.

"Over the past day and a half, the Chinese and US delegations have held in-depth, frank, and constructive consultations. During these consultations, both sides reached preliminary consensus on several issues, and the next step will be to continue the consultation process",

Li Chenggang said.

The discussions between the two delegations are expected to continue through March 17.

At the end of February, the US Supreme Court struck down import tariffs previously imposed by US President Donald Trump. However, Trump noted that most countries had agreed to maintain the existing terms of their trade arrangements.