INTERNATIONAL
Chinese toy makers welcome trade war de-escalation with US
Chinese toy makers on Friday (October 31) welcomed news of a de-escalation in the trade war between the US and China. - REUTERS
CHINESE toy makers on Friday (October 31) welcomed news of a de-escalation in the trade war between the U.S. and China.
AI Brief
"Seeing the leaders of the two countries finally meet in South Korea will be very beneficial for global trade as a whole, so we’re very happy to see this happen," vice director of wooden toy maker Zhejiang Shiwanxin Technology William Ying told Reuters at the China Import and Export Fair, adding that the U.S. accounts for half of the company's market.
U.S. President Donald Trump and Chinese President Xi Jinping met on Thursday (October 30) on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the South Korean city of Busan, their first since 2019.
Trump said after a meeting that he had agreed with President Xi to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare-earths exports flowing.
The new trade deal averts Trump's threatened 100% tariff on Chinese goods and extends a delicate trade truce between the world's two largest economies for about a year.
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AI Brief
- Trump and Xi held their first meeting since 2019, aiming to ease trade tensions at the APEC summit in South Korea.
- The US agreed to reduce tariffs in exchange for China's action on fentanyl and resuming key exports like soybeans.
- Companies like Shiwanxin welcome the deal, which avoids steep tariffs and supports continued access to US markets.
"Seeing the leaders of the two countries finally meet in South Korea will be very beneficial for global trade as a whole, so we’re very happy to see this happen," vice director of wooden toy maker Zhejiang Shiwanxin Technology William Ying told Reuters at the China Import and Export Fair, adding that the U.S. accounts for half of the company's market.
U.S. President Donald Trump and Chinese President Xi Jinping met on Thursday (October 30) on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the South Korean city of Busan, their first since 2019.
Trump said after a meeting that he had agreed with President Xi to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare-earths exports flowing.
The new trade deal averts Trump's threatened 100% tariff on Chinese goods and extends a delicate trade truce between the world's two largest economies for about a year.