Trade war: Concerns remain on some trade issues as China, US wrap up talks

China and the US today reached a consensus on some trade issues while differences existed on some others as top officials from both the countries wrapped up their two day crucial talks here to end the tariff spat and avert a trade war between the two major trading partners, accrording to a media report.

The US delegation, led by Treasury Secretary Steven Mnuchin, who is also President Donald Trump's special envoy and Chinese side, led by Vice Premier Liu He, also in charge of the economy and a Politburo member of the Communist Party of China Central Committee, met yesterday and today, and "agreed to stay in close communication on relevant issues and establish a corresponding work mechanism".

A trade spat between the top two economies of the world began last month with Trump imposing tariffs on steel and aluminum imports into the US from China, which also retaliated by imposing additional tariffs worth about USD three billion on 128 US products.

The two countries have not yet implemented their tariff increases to reach a negotiated settlement.

"China and the US reached agreements on some issues in their economic and trade consultations in Beijing from Thursday to Friday. The two sides held candid, efficient and constructive on economic and trade issues of common concern.