China and the United States have agreed to lift tariffs on each other’s goods in phases, Bloomberg reported citing Chinese commerce ministry spokesman Gao Feng.
According to The Wall Street Journal, the stage-one deal would also include Chinese purchases of U.S. farm goods, rules to deter currency manipulation and some provisions to protect intellectual property and open up Chinese industries to U.S. firms.
An interim U.S.-China trade deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for December 15.
U.S. President Donald Trump said the 'substantial' agreement would involve China buying $40 billion to $50 billion worth of American agricultural products annually.
The leaders hoped to sign a trade agreement at the APEC summit on November 16-17 in Chile, but Chilean President Sebastián Piñera decided to withdraw as the host country due to domestic concerns.
Head of the State Duma’s Committee for Financial Markets Anatoly Aksakov, speaking to Vestnik Kavkaza, noted that the suspension of the U.S.-China trade war will positively affect both the Russian economy and the global economy as a whole. "Since these are the two largest economies in the world, this event will have a stabilizing effect on the entire global economy," he said in the first place.
"For Russia, this is definitely a positive signal, because China is Russia's second largest economic partner after Europe, the largest consumer of Russian energy. Accordingly, the recession in the economy and energy consumption that has been observed recently in China should stop, certain growth is possible. And this will definitely have a positive effect on the export of our goods to China," Anatoly Aksakov stressed.
Accordingly, the stabilization of trade relations between the United States and China will also stabilize Russia's macroeconomic indicators. "This will simplify the task of the government and the Bank of Russia to maintain a stable ruble exchange rate and ensure the target inflation and economic growth," the head of the State Duma’s Committee for Financial Markets concluded.
