Sino-U.S. trade war stalled tire companies or benefit

On May 19, China and the United States issued a joint statement on bilateral economic and trade consultations in Washington.

U.S. Treasury Secretary Mukuchin said that China and the United States have reached an agreement to stop trading wars and stop levying tariffs on each other.

According to the Tire World Network, on April 3, the U.S. Trade Representative’s Office issued a list of products imported from China that are proposed to impose tariffs, including a variety of tire products.

The suspension of the Sino-U.S. trade war means that China’s tire products that originally required an additional 25% tariff will probably not be subject to high tariffs.

The Sino-U.S. joint statement stated that the two sides agreed to take effective measures to substantially reduce the US trade deficit with China and that China will greatly increase its purchase of goods and services from the United States.

In addition, the two sides discussed the expansion of trade exchanges in manufacturing products and services and determined to increase the related trade in this area.

With regard to the specific scope of the suspension of tariffs and detailed measures for increasing trade exchanges between the two sides, the statement did not disclose further information.

Lu Wei, a spokesman for the Chinese Ministry of Foreign Affairs, said that consultations are still ongoing. China hopes to resolve some issues between the two sides through consultations so that Sino-U.S. economic and trade relations will develop in the direction of mutual benefit and win-win outcome.