Over the course of the last year, both the United States and China have taken losses from the ongoing trade war initiated by President Donald Trump which resulted in tit-for-tat tariffs on more than $300 billion worth of goods.
The United States President authorized such tariffs in response to complaints of unfair Chinese trade practices — these concerns were also shared by the European Union, Japan and others.
The tariffs locked the two nations in a heated exchange which was beginning to eat into profits and was also contributing to stock market plunges. However, President Trump described the tariffs as necessary because of China’s improper actions.
China was accused of stealing US technology and trade secrets, much of which resulted in charges begin filed against some of the Chinese conspirators by the US Justice Department. In November of 2018 alone, Chinese manufacturers were accused four times of related practices.
In one of the indictments, the Department claims that China’s State-Owned Fujian Jinhua Integrated Circuit Co. and Taiwan’s United Microelectronics Corp. (UMC) worked to steal trade secrets from a US chipmaker, Micron Technologies.
One year on, and it would appear as though both countries are resettling their differences and attempting to cooperate on the world stage. On the sidelines of the G20 summit meeting in Buenos Aires, both President Trump and President Xi Jinping agreed to a somewhat truce.
Since the said meeting, there has been an absence of new tariffs issued by the White House against China. Also, since the beginning of December 2018, both China and the US have reportedly deescalated their respective taxes which stood at roughly 40%.
Furthermore, as of late it would appear as though the two nations are eager to return to good standing. On the 40th anniversary of the countries’ diplomatic relations, both the United States and China have vowed to boost cooperation, according to Chinese state media.