China wants trade talks with United States to be equal, mu­tu­ally ben­e­fi­cial

Business a.m. - - WORLD BUSINESS & ECONOMY -

TRADE TALKS BE­TWEEN the United States and China should be equal and mu­tu­ally ben­e­fi­cial, Chi­nese Vice Com­merce Min­is­ter Wang Shouwen said on Fri­day, adding that he hoped the two coun­tries can find ways to man­age their dif­fer­ences through di­a­logue.

U.S. Pres­i­dent Don­ald Trump and his Chi­nese coun­ter­part Xi Jin­ping are ex­pected to hold talks dur­ing the G20 sum­mit in Buenos Aires next week as trade ties be­tween the world’s two largest economies be­come in­creas­ingly fraught.

“We hope that, on the ba­sis of equal con­sul­ta­tions, mu­tual ben­e­fits and trust, we could make com­mon ef­forts to man­age dif­fer­ences and find ways to re­solve prob­lems,” Wang told a news con­fer­ence in Bei­jing, the cap­i­tal.

Of­fi­cials of both coun­tries were in close con­tact, in­structed by their lead­ers, he added.

Wash­ing­ton wants Bei­jing to im­prove mar­ket ac­cess and in­tel­lec­tual prop­erty pro­tec­tions for U.S. firms, cut in­dus­trial sub­si­dies and slash a $375-bil­lion trade gap. Trump has im­posed tar­iffs on $250 bil­lion of Chi­nese im­ports to force con­ces­sions.

The U.S. tar­iff rate on $200 bil­lion in Chi­nese goods is set to in­crease to 25 per­cent from 10 per­cent on Jan. 1. Trump has threat­ened to im­pose tar­iffs on all re­main­ing Chi­nese im­ports - about $267 bil­lion more in goods - if Bei­jing fails to ad­dress U.S. de­mands.

Trump said on Thurs­day he hoped he could make a deal with China when he meets Xi.

“I can say this, China wants to make a deal very badly - be­cause of the tar­iffs,” Trump told re­porters in the town of Palm Beach in Flor­ida.

“China wants to make a deal; if we can make a deal, we will,” he said.

The high-stakes meet­ing comes as the Trump ad­min­is­tra­tion shows lit­tle sign of back­ing down in its de­mands and rhetoric.

Wash­ing­ton said on Tues­day China had failed to al­ter its “un­fair” prac­tices at the heart of the dis­pute, in an up­date of the U.S. Trade Rep­re­sen­ta­tive’s “Sec­tion 301” in­ves­ti­ga­tion into its in­tel­lec­tual prop­erty and tech­nol­ogy trans­fer poli­cies.

China hopes the G20 meet­ing could up­hold its stance against pro­tec­tion­ism, at a time of slow­ing growth in global trade and de­clin­ing for­eign di­rect in­vest­ment.

On Tues­day, a top Chi­nese diplo­mat said an APEC sum­mit’s fail­ure to agree on a com­mu­nique re­sulted from cer­tain coun­tries “ex­cus­ing” pro­tec­tion­ism, a veiled crit­i­cism of Wash­ing­ton’s tar­iffs.

“Cur­rently, global trade faces a com­plex sit­u­a­tion, uni­lat­er­al­ism and pro­tec­tion­ism are ris­ing fiercely, adding to big un­cer­tain­ties for global eco­nomic de­vel­op­ment,” Wang said.

Comments

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.