The reopening of trade talks between the United States and China is an important, symbolic step, analysts have said.
“It’s a symbolic development but a very important one because it helps rebuild market confidence in a difficult period,” Carlo Altomonte, an economist specializing in international trade at Milan’s Bocconi University, told.
The trade stalemate between the world’s two largest economies was relieved at the G20 summit in Osaka, Japan, when leaders of both countries agreed to restart trade talks on the basis of equality and mutual respect.
But the reopening of talks does not mean an agreement is near, said Ettore Greco, vice-president of the Institute for International Affairs, a think tank.
“This is a new start for a long process,” told Greco.
The last round of trade talks between China and the United States took place in Washington in May, during which Washington increased additional tariffs on 200 billion U.S. dollars worth of Chinese goods from 10 percent to 25 percent, leading to a standoff that lasted until the G20 meeting.
According to the Chinese Ministry of Commerce, chief trade negotiators from both sides held a telephone conversation Tuesday and exchanged views on implementing the consensus reached by the two heads of state on the sidelines of the G20 summit in June.