Its no secret that the US-China relation have been tense since US President Donald Trump accused them for taking advantage of the US economy and making unwarranted profits.
Of course a trade war between the two largest economies in the world who in effect collaborate on many levels is not the easiest thing. But nonetheless the US President continued with sanctions on many agricultural and other products and China responded accordingly.
Threats continued to be given by the US President and later a shock incarceration and then release on bail ($5 million) of the daughter of the founder of Technology Giant Huawei and also CFO, while she was on transit in Canada rocked the business world. The move came as a surprise to Chinese officials who then arrested as retaliation a Canadian former-diplomat. And accused of political motivated move by the FBI that asked for the extradition of the CFO to the United States that can face many decades in prison if condemned.
The US is accusing the CFO of bypassing US Sanctions on Iran and deceiving international banks that the companies that were used on the deals were not affiliated to Huawei when in fact they were fully controlled by the company and thus were shell companies.
But despite all this the US President tweeted the following.
Talks with China are going very well!
— Donald J. Trump (@realDonaldTrump) January 8, 2019
Also a good will move from China appears to be that it gave the green light for five GM (Genetically Modified) crops. The US is the worlds biggest exporter of GM crops and China the biggest importer but has very strict and unpredictable procedures for GM crops.
The approved products are the following. DowDuPont Inc’s DP4114 Qrome corn and DAS-44406-6 soybean, also known as Enlist E3, also SYHTOH2 soybean developed by Bayer CropScience and Syngenta but is now held by German BASF.
The last two are BASF’s RF3 canola and Monsanto’s glyphosate-tolerant MON 88302 canola. These two waited six years for the approval.
China had not accepted any GM products since July 2017 but these are enough to give Canadian growers for example about $400 million in profits on the same plot of land.
This is hailed as a move from China to appease to the US, amidst the economic “war” that was initiated by the US. And came after the US and Chinse officials met with each other on Monday 7 Jan. 2019 since the 90 day truce.