A de-escalation of trade tensions is in the interests of all parties in the Sino-U.S. trade war and should come 'over time,' Steve Schwarzman said.
that includes a pause in tariff escalation and Chinese purchases of U.S. agriculture products.
President Donald Trump also said last week that the phase one trade deal represents 60% of a long-term agreementBut China has been pushing the U.S. to remove more tariffs imposed in September as part of any initial deal,. The talks are aimed at resolving over a year-and-a-half of acute tensions and reducing import tariffs between the world's two largest economies.
Speaking to CNBC's Karen Tso at Lisbon's Web Summit on Tuesday, Schwarzman said it was in the best interests of all parties "that there be some kind of normalization " and he was optimistic "that that will start to happen." "Getting a deal done quickly, given that the basic terms have been set, is viewed as a good thing by all parties," he said.
Asked whether we could see import tariffs starting to be removed from Chinese and U.S. goods, Schwarzman said: "I can't comment on that on global television."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China central bank cuts medium-term loan rate for first time since 2016 as growth coolsChina's central bank cut the interest rate on its medium-term lending facil...
Read more »
Thailand is a 'leading beneficiary' of the trade war, says Standard CharteredThere has been 'plenty of evidence' of companies seeking to shift production out of China into countries among the Association of Southeast Asian Nations, says Clive McDonnell of Standard Chartered Private Bank.
Read more »
Global stocks surge on trade-war hopes after Wilbur Ross says talks are 'making good progress'The US commerce secretary said at a conference that the US and China were “very far along” in discussions about an initial trade deal, Bloomberg reported.
Read more »
As Trade War Persists, Companies Contemplate Effective ResponsesAs trade war persists, companies contemplate effective responses paid CroweUSA
Read more »
Caterpillar lays off 120 workers as trade war hits salesCaterpillar Inc has laid off 120 temporary workers at a plant in Texas following...
Read more »