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ECONOMY

Looking Beyond the Trade War

China pledged to speed the opening of sectors including automotive and financial services amid trade tensions with U.S. Photo: VCG
China pledged to speed the opening of sectors including automotive and financial services amid trade tensions with U.S. Photo: VCG

The market took a deep breath when Chinese President Xi Jinping reaffirmed China’s commitments to open up its economy and lower tariffs in a speech last week at the Boao Forum for Asia. Analysts saw the move as an olive branch to ease trade tensions with the U.S.

In response, U.S. President Donald Trump tweeted that he was “very thankful” for Xi’s remarks and hailed “great progress” to be made. The softening rhetoric soothed fears of escalating confrontation between the world’s two largest economies after Trump proposed to impose new tariffs on $60 billion of Chinese products.

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