The US and China have signed a deal to end their trade war, according to US President Donald Trump.
The world’s two biggest economies had battered each other with a series of economic measures in recent months, notably harsh US tariffs on imports and Chinese export controls on rare earths. Trump and his Commerce Secretary Howard Lutnick both said that an agreement was signed this week, although neither provided details.
The trade war has hurt both countries: The US economy shrank at an annualized 0.5% rate in the first quarter, while Chinese manufacturers, notably automakers, have seen profits slump, The Hill reported. Lutnick said a further 10 deals with other major trading partners would follow: “We’re going to have deal after deal.”
AD