Speaking to reporters at the White House on Thursday local time, U.S. President Donald Trump said that trade negotiations with China are making smooth progress, adding that he thinks Beijing will treat Washington very fairly, by possibly taking down some of its trade barriers.
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"So, we have the kind of relationship that, I think is going to be very aggressively sustained. Yesterday, as you know, President Xi made a very good speech and he said he's going to open up China. He's going to open it up take down a lot of the trade barriers, maybe all of them."
The remarks come as the world's two largest economies have been showing signs of moving towards a trade war since early March, when President Trump imposed tariffs of 25 percent on Chinese steel and 10 percent on aluminum.
Following this, Beijing hit back, imposing 25-percent duties on eight American goods categories, including pork and recycled aluminum -- tariffs in total worth 3 billion dollars.
Yet, the U.S.-China trade tensions have been somewhat alleviated since Chinese President Xi Jinping expressed his wish to achieve peaceful development with "win-win results" at the Boao Forum for Asia.
Meanwhile, from South Korea's perspective, the Bank of Korea said that the trade dispute between the United States and China is not likely to affect the South Korean economy too much in the short run.
According to its report released on Thursday, the BOK projected the short-term effects to be weak, but added that if the trade discord gets prolonged, or if the two sides actually decide to impose customs levies on each other, there is a chance that the damage to the Korean economy would increase.
Kim Mok-yeon, Arirang News.