Washington [US], May 14: US President Donald Trump has revealed that he may have a phone call with Chinese President Xi Jinping this week.
"We have completely reset our relationship with China after productive talks in Geneva (Switzerland). The relationship is now very good," Reuters quoted Mr. Trump as saying on May 13. The move came after the US and China reached an agreement to postpone tariffs for 90 days and temporarily cool down trade tensions. China has not commented on the information.
Meanwhile, speaking after the US and China reached an agreement to postpone tariffs, Chinese President Xi Jinping emphasized: "No one wins in tariff or trade wars." According to Mr. Xi, in the current world context, promoting solidarity and cooperation between countries is an indispensable factor to ensure common prosperity.
In a move to de-escalate the trade war between the world's two largest economies, President Trump on May 12 signed an executive order cutting "de minimis" tariffs on low-value shipments from China from 120% to 54%, while maintaining a fixed fee of $100 starting May 14.
Previously, packages worth $800 or less and sent by post were exempt from duty and inspection when entering the U.S., according to Reuters. However, in February, Mr. Trump ended the exemption, applying a 120% tax on the value of the order and increasing the flat fee from $100 to $200 starting June 1. Observers said the tariff reduction helped ease the price pressure on customers of Chinese retailers such as Shein and Temu.
Source: Thanh Nien Newspaper
