China-US Trade: China, US agree to end trade war, reduce trade gap

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China and the US have agreed to reduce the trade gap and to expand cooperation in protecting intellectual property. The two sides issued a joint statement after a Chinese delegation led by Vice Premier Liu He wrapped up trade talks in Washington. Wang Yuan has more.

No trade war and no additional tariffs. After months of trade tensions between the world's two largest economies, finally comes a sign of relief.

In their joint statement, the two sides agreed to reduce the trade deficit of US goods. In doing so, China will significantly increase purchases of US goods and services. The export of US agriculture and energy products will also be increased, and they will make efforts to expand trade in manufactured goods and services.

They say the move is to meet the needs of Chinese consumers while supporting the US workforce.

Apart from trade deficit, Washington has long voiced its concerns of intellectual property issues. That statement did not shy away from the issue. The two sides agreed to expand cooperation in that area. And Beijing promised to improve its Patent Law. They will also encourage two-way investment, and to create a business environment that encourages fair competition.

As trade concerns cannot be resolved in just one shot, the two nations agreed to continue dialogue to address their concerns.

The Washington talks followed a high-level meeting last month in Beijing. But this time, officials describe the talks as "fruitful". It remains to be seen how big of a step the agreement represents, but at least it is successful in de-escalating trade tensions. WANG YUAN, CGTN