Trump and Xi indicate readiness for trade talks

We hope that both sides can work together on the basis of mutual respect, balance, honesty, and mutual benefit and finally find a solution to solve the problem

Wang Shouwen, Chinese vice-minister of commerce

beijing — US President Donald Trump and Chinese leader Xi Jinping have indicated they’re both ready for a highly anticipated meeting at the Group of 20 summit in Argentina next week.

The world’s biggest economies have been engaged in an escalating trade war that is starting to have a greater impact on financial markets and global growth. On Thursday, Trump told reporters that China wants to make a deal “very badly” after his administration placed tariffs on about $200 billion worth of Chinese goods.

China “wants to make a deal and we’re very happy with that,” Trump said. “I’m very prepared, I’ve been preparing for it all my life.”

On Friday in Beijing, top Chinese officials briefed on Xi’s upcoming travels, including the November 30-December 1 G-20 in Buenos Aires where he’ll meet with Trump. Xi’s trip will include stops in Spain, Portugal, and Panama. They didn’t name any officials who would accompany Xi.

“We hope that both sides can work together on the basis of mutual respect, balance, honesty, and mutual benefit and finally find a solution to solve the problem,” Wang Shouwen, Chinese vice minister of commerce, said at a press briefing in Beijing.

Wang said global trade faces a “complex situation”, with “unilateralism and protectionism on the rise” creating uncertainty for economic development.

Beijing also backs reform of the World Trade Organisation to enhance its authority and effectiveness, he said.

The United States has imposed punitive tariffs on Chinese goods worth $250 billion per year. In retaliation, China imposed tariffs on $110 billion of US goods.

Earlier this month, Xi and Trump discussed the US-China trade conflict, as well as North Korea’s nuclear programme, during a phone conversation that Trump called “very good”. Xi said he was “very happy” to talk to Trump again.