The US and China are inching toward a trade deal, possibly at the end of next month, but the trade war is hurting global economic growth and the damage from more than a year of punitive tariffs may be difficult to repair. The following week, a Chinese delegation headed by Vice Premier Liu He will visit Washington. He had earlier threatened to raise tariffs on Chinese imports if no deal was reached by that date. As a result, the Chinese decided that a summit meeting between President Xi Jinping and Trump was too risky until a trade deal is completely worked out by negotiators. Recent reports suggest that the trade war has already inflicted lasting damage on the global economy, which will not be quick to recover even if a trade deal is reached.

Source: Forbes March 20, 2019 13:18 UTC