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China’s Commerce Ministry said during European trading hours that it is keen to implement and safeguard the consensus reached with the United States (US) on February 4. Remarks Both sides maintain continuous communications at all levels. Willing to work with the US to implement and safeguard the consensus reached in February 4th call. Market reaction There seems to be no meaningful impact of these comments on the Chinese Yuan (CNH) traded in the offshore market. During European trading hours, USD/CNH claws back half of its early losses, but is still 0.2% down to near 6.8380. US-China Trade War FAQs Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies. The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump…

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Filed under: News - @ February 26, 2026 8:29 am