The country's largest lender SBI on Tuesday said it has signed a memorandum of understanding (MoU) with the Bank of China to boost business opportunities. Bank of China is the third-largest bank in the world by capital size and one of the major players in the Chinese banking sector. Through this agreement, both SBI and BoC will gain direct access to their respective markets of operation. Clients of both the banks will be able to use the vast combined network to expand their businesses abroad. SBI has a branch in Shanghai and BOC is opening its branch in Mumbai.
Chinese Vice Commerce Minister Wang Shouwen said on March 9 said that China and the United States are working relentlessly to achieve a trade deal that suits the interests of both sides. Wang said he was optimistic about negotiations with the US administration. Trump recently deferred imposing tariff hikes on Chinese imports worth $200 billion on the back of advance deal talks. The increased tariffs were scheduled to kick in from March 2.
US President Donald Trump said that he would sign a trade deal with China only if the deal benefitted the US. However, he expressed confidence in reaching a conclusive trade pact with China. The US and China are locked in a trade war since Trump hiked import tariff up to 25% on $250 billion of Chinese goods in March last year. China, the world's second largest economy after the US, retaliated with tariffs on $110 billion of American goods.
China’s exports fell by as much as 20.7% year-on-year in the month of February, its highest decline in 3 years since February 2016. Imports fell by 5.2% y-o-y. China reported a trade surplus of $4.12 billion for February, much lower than the estimated $26.38 billion. The data suggests continued economic slowdown in the world’s second largest economy despite a slew of support measures.
US President Donald Trump has reportedly asked China to immediately remove all tariffs on US agricultural products (including soybeans, grain sorghum, pork and other items) on the back of progressive trade talks. Trump also deferred plans to raise import tariffs from 10% to 25% on Chinese goods on Friday. Farmers are a key constituency for Trump's Republican Party, and the trade war with China has had a heavy impact on them.
China on February 26 urged India and Pakistan to "exercise restraint" and asked New Delhi to carry out its fight against terrorism through international cooperation, hours after Indian fighter jets struck Jaish-e-Mohammed's biggest camp in Pakistan in a pre-dawn attack. "I want to say that India and Pakistan are both important countries in South Asia. A sound relationship and cooperation between the two serves the interests of both the countries and peace and stability in South Asia,” Chinese Foreign Ministry spokesman Lu Kang told the media.
US President Donald Trump said on Sunday he would delay an increase in US tariffs on Chinese goods scheduled for later this week. Trump had planned to increase tariffs to 25% from 10% on $200 billion worth of Chinese imports into the US if a deal were not reached by Friday. The decision came on the back of progress made in trade talks on areas including intellectual property protection, technology transfers, agriculture, services and currency. The decision will likely signal an end to the dispute that has disrupted commerce worth hundreds of billions of dollars and slowed global economic growth.