When it comes to steel, China is both the world's largest consumer and producer of the metal.
That's one of the materials that have been impacted by a trade war between the United States and China but now the two country has called a sort of trade truce. On the sidelines of this year's G20 Summit in Argentina — we reported on that last Friday — U.S. President Donald Trump and Chinese President Xi Jinping met for dinner. Afterward, they said they'd had success in negotiating a stop, at least a temporary one to the back and forth tariffs or taxes that the two countries have placed on imports of one another's goods.
Materials worth hundreds of billions of dollars have been subject to additional taxes and some analysts say this has contributed to a noticeable slowdown in China's economic growth. The tariffs that are currently in place will stay there. What the truce means is that no new ones will be enacted while China and the U.S. take some time to try to iron out their differences. Some ongoing complaints of American businesses are that China has made it difficult for U.S. companies to compete there and that China has allegedly stolen American intellectual property — copyrighted works, trademarks, patents on creative material.
Analysts say the truce will bring China to the bargaining table to discuss these issues. The White House says the goal was to have an agreement within 90 days.
Chinese media didn't mention a deadline but said China's aiming for a concrete deal that's a win-win.