>> The trade war between the US and China caused the world's two superpowers, billions of dollars in 2018. That's according to economists who say the dispute has caused sectors like agriculture, technology and autos to suffer. For example, both countries each lose nearly $3 million a year due to China's tariffs on soybeans, corn, wheat, and sorghum alone.
And both sides were hit particularly hard because China is the world's biggest soybean importer. And last year before the tariffs hit, relied on the US for $12 billion worth. But since July, China has mostly been buying soy from Brazil, after imposing a 25% tariff on American soybeans in retaliation to the US slapping tariffs on Chinese goods.
But in December, a breakthrough came and China started US soybeans again, after US President Donald Trump and his Chinese counterparts Xi Jinping, agreed to a trade truce during a G-20 Summit in Argentina.>> And I think at some point we are going to end up doing something which is great for China and great for the United States
>> They now face a March 2nd deadline to resolve their differences. And, according to Trump, talks are going well. On Saturday, the President tweeted that he had a long and very good call with the Chinese president. And that quote, big progress is being made.