China and US resume talks on trade dispute

CHINA and the United States have restarted discussions over their trade dispute, ending a three-month hiatus, ahead of a meeting between presidents Xi Jinping and Donald Trump, China’s Ministry of Commerce said yesterday.

The two sides are “maintaining close contact” following a November 1 phone call between Xi and Trump, said ministry spokesman Gao Feng.

“High-level contacts between the two sides on economics and trade have resumed following the November 1 conversation between the Chinese and American heads of state,” said Gao.

“The work team is maintaining close contact to earnestly implement the consensus reached by the two heads of state.”

Xi and Trump are due to meet this month at a gathering of the Group of 20 major economies in Argentina.

The Trump administration increased tariffs on US$250 billion of Chinese goods, and Beijing responded with penalty duties on US$110 billion of American goods.

Chinese exports to the US have held up despite the tariffs, rising more than 13 percent from a year earlier each month since the first increases in July.

Economists say that is partly due to exporters rushing to fill orders before a new increase takes effect in January.

Also yesterday, China urged the US to implement the consensus reached by the two heads of state and strive for “mutually acceptable solutions” on issues of common concern through consultations to push the healthy and steady development of bilateral ties.

Foreign Ministry spokeswoman Hua Chunying made the remarks at a news briefing when answering a question related to US Vice President Mike Pence’s recent comment that China should change its behavior in economic, military and political activities to pave the way for reaching an agreement between the two countries during the G20 Summit in Argentina.

“The China-US relations is at an important juncture,” said Hua.

She stressed that both sides need to make correct choices and practical efforts to ensure a healthy and steady development of bilateral ties in the right direction.

She said doing so is in line with the fundamental interests of the peoples of the two countries and the world.

China respects the sovereignty, security and development interests of the US, Hua said, stressing that the US should also treat China the same way and respect the development path chosen by the Chinese people.

She reiterated China’s stance on economic and trade consultations with the US, saying that “carrying out consultations on the basis of mutual respect, reciprocity and mutual benefit is the only correct way to resolve economic and trade issues.”

She called on the American side to implement the consensus reached by the two heads of state, focus on cooperation and eliminate interference, as well as conduct honest and serious consultations based on mutual respect and mutual benefit to strive for a “mutually acceptable solution.”

She said this would maintain the healthy and stable development of China-American relations and expand bilateral economic and trade cooperation.