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When it comes to steel, China is both the world's largest consumer and producer of the metal.
That's one of the materials that have been impacted by a trade war between the United States and China but now the two country has called a sort of trade truce1. On the sidelines of this year's G20 Summit in Argentina — we reported on that last Friday — U.S. President Donald Trump2 and Chinese President Xi Jinping met for dinner. Afterward3, they said they'd had success in negotiating a stop, at least a temporary one to the b??ack and forth4 tariffs5 or taxes that the two countries have placed on imports of one another's goods.
Materials worth hundreds of billions of dollars have b?een subject to additional taxes and some analysts6 say this has contributed to a noticeable slowdown in China's economic growth. The tariffs that are currently in place will stay there. What the truce means is that no new ones will be enacted7 while China and the U.S. take some time to try to iron out their differences. Some ongoing8 complaints of American businesses are that China has made it difficult for U.S. companies to compete there and that China has allegedly stolen American intellectual property — copyrighted works, trademarks9, patents on creative material.
Analysts say the truce will bring China to the bargaining table to discuss these issues. The White House says the goal was to have an agreement within 90 days.
Chinese media didn't mention a deadline but said China's aiming for a concrete deal that's a win-win.
1 truce | |
n.休战,(争执,烦恼等的)缓和;v.以停战结束 | |
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2 trump | |
n.王牌,法宝;v.打出王牌,吹喇叭 | |
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3 afterward | |
adv.后来;以后 | |
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4 forth | |
adv.向前;向外,往外 | |
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5 tariffs | |
关税制度; 关税( tariff的名词复数 ); 关税表; (旅馆或饭店等的)收费表; 量刑标准 | |
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6 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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7 enacted | |
制定(法律),通过(法案)( enact的过去式和过去分词 ) | |
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8 ongoing | |
adj.进行中的,前进的 | |
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9 trademarks | |
n.(注册)商标( trademark的名词复数 );(人的行为或衣着的)特征,标记 | |
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