China-US phase-one trade deal a good news for all, says top Chinese diplomat

The United States and China on Friday reached a phase-one trade agreement that reduced some US tariffs on Chinese goods and vice-a-versa. The phase-one trade deal will also boost Chinese purchases of American farm products and other goods. Wang Yi, the Chinese government's top diplomat while speaking to the media said that this is good news for global trade and will help in providing stability. 

Read: China Demands US To Roll Back Tariffs In Phase One Trade Deal: Report

The US-China phase-one trade deal

US President Donald Trump also acknowledged the phase one trade deal and said that the US would not go ahead with the new round of tariffs planned for December 15. Donald Trump also said that the United States will continue with the phase two trade deal immediately and will not wait until the 2020 presidential election. 

Read: Trump Says First Phase Of Trade Deal With China Is In 'final Throes'

China and the United States are involved in a brutal trade war since 2017. Both countries have been putting tariffs on each other's products, thus affecting global trade stability. The relations between the two superpowers soured after Donald Trump signed a law that would put sanctions on Chinese and Hong Kong officials who are involved in the ongoing pro-democracy protest in the region. 

Read: China’s Xi Says Beijing Wants Trade Deal, Can ‘fight Back’

China in return put reciprocal restrictions that would put sanctions on non-governmental American groups working in Hong Kong and also restricted US warships from docking in Hong Kong ports. US and China also put restrictions on each other's diplomats and restricted them from conducting any meeting with local authorities without permission.  

Read: US And Britain 'reaffirmed Their Commitment' Of Post-Brexit Trade Deal