(Video) Rajya Sabha TV (RSTV) In Depth: US-China Trade Deal

Topic: US-China Trade Deal

Topic Description:

The United States on Wednesday signed the first phase of a trade deal with China.

The deal brings to a close over a year of tough negotiations to ease tensions over between the two countries. These tensions saw several months of talks being suspended between the two largest economies of the world. For now however, both US and China have described their pact as historic and a win-win agreement.

US and China have engaged in a tit-for-tat tariff war since 2018. It led to extra import taxes being levied on more than 450 billion dollars worth of traded goods and a shrinking of global trade as a result.

The genesis of the trade war goes back to even before Donald Trump was elected President of the USA, when he advocated tariffs to reduce the U.S. trade deficit and promote domestic manufacturing.