IMF Urges US, China To Resolve Bilateral Trade Dispute - Spokesperson

The International Monetary Fund (IMF) urges the United States and China to resolve their bilateral trade dispute and encourages any intermediate steps to deescalate tensions, IMF spokesperson Gerry Rice said during a press briefing on Thursday

WASHINGTON (UrduPoint News / Sputnik - 12th December, 2019) The International Monetary Fund (IMF) urges the United States and China to resolve their bilateral trade dispute and encourages any intermediate steps to deescalate tensions, IMF spokesperson Gerry Rice said during a press briefing on Thursday.

"We are urging a resolution and are hoping for progress," Rice told reporters ahead of a December 15 deadline the United States has set for imposing additional tariffs on $300 billion of Chinese imports if a trade agreement is not reached.

Earlier in the day, US President Donald Trump said in a statement the United States and China are on the verge of reaching a trade agreement.

Rice said the IMF is taking a wait-and-see stance as to the outcome of the US-China trade negotiations, but is encouraging any actions to reduce current trade tensions and especially if they lead to reaching a lasting deal.

"We would welcome any steps to deescalate trade tensions, particularly if they can provide comprehensive and lasting agreement," Rice said.

On Sunday, China's General Administration of Customs revealed that US-China trade decreased by 15.2 percent in the January-November 2019 period as compared to the same period last year, and stands at $494.5 billion.

The United States and China, the world's two leading economies, have been engaged in a trade war in the past year by imposing tit-for-tat tariffs worth hundreds of billions of Dollars on the other's imports.

If Washington moves to impose additional tariffs on $300 billion worth of Chinese imports past the December 15 deadline, the move would mean all of China's annual exports to the United States would be subject to steep tariffs when entering the US market.