#Washington, #US; #Beijing; #China; #TradeWar; #JoeBidenAdministration
Washington, Nov 11 (Canadian-Media): There is a likelihood of that the trade war between Washington and Beijing would stop under a Joe Biden administration, media reports said.
Joe Biden. Image credit: Twitter handle
Although all major US networks and media outlets this weekend projected Biden to be the winner of the presidential election by, Trump refuses to concede and has filed several legal challenges.
US President Donald Trump's decision in June 2018 to impose 25-percent tariffs on $50 billion worth of Chinese goods in a bid to fix the US-Chinese trade deficit had started the tariff war between the US and China.
After the US more than doubled import duties on $200 billion of Chinese goods last May, Beijing retaliated by increasing tariffs on US imports later that year.
According to the Phase 1 trade agreement between the US and China at the beginning of 2020, Beijing had agreed to increase purchases of US goods and services by $200 billion over the next two years.
Consequently China reduced in February 50 percent tariffs it had imposed on a number of US goods.