Apart from inking the Phase 1 trade deal between the United States and China on January 15, the two nations have also agreed to soon resume their Comprehensive Economic Dialogue.
This refers to semi-annual talks which primary goals are to resolve and reform economic disputes between the two countries.
The schedule will be announced on Wednesday as part of the trade deal signing to be held in Washington, DC.
According to reports, the meetings will be led by US Treasury Secretary Steven Mnuchin and China’s Vice Premier Liu He.
With the utilization of import taxes by the two sides overturning worldwide inventory chains and managing a hit to business certainty, both counties have been entangled in an exchange war for well over a year.
The regular sessions, held twice a year, shall serve as a steady and elevated venue for the world’s two biggest economies to discuss trade partnerships.
It was during former President George W. Bush regime when the Strategic Economic Dialogue commenced in an attempt to manage the emerging issues that occurred between them as China’s economy and exports to the US extended quickly in the mid-2000s.
President Barack Obama also continued it. In 2017, President Donald Trump decided to rename it into Comprehensive Economic Dialogue.
Later in 2018, the Trump administration ended the decade-old formal discussion with China as it seemingly moved back on opening its markets to foreign competition.
The US government then resorted to having private talks with top Chinese officials for the concession of free-market capitalism.