Trade talks between China and the United States should be based on equal consultants and mutual benefits, Reuters reported, citing Wang Shouwen, China’s Vice Commerce Minister on Thursday. According to Wang, the two nations can make common efforts and find ways to resolve the problems as well as manage the differences through dialogue. In a new conference held in Beijing, Wang said that officials of both nations maintained a close contact, instructed by their leaders.
As trade tensions between the two largest economies of the world is becoming increasingly fraught, U.S President Donald Trump and China’s Xi Jinping are likely to hold trade talks during 2018 G20 Buenos Aires Summit next week. Washington wants China’s capital Beijing to enhance market access and intellectual property protections for US-based firms, while cutting industrial subsidies and dropping a $375 billion trade gap.
To force concessions, Trump had imposed tariff on $250 billion of Chinese imports while the U.S. tariff rate on $200 billion worth of Chinese goods, in response to China’s unfair trade activities, is set to increase from 10 percent to 25 percent in Jan 2019. Further, the US President has warned he may ultimately impose tariffs on all the remaining Chinese imports, if the capital fails to address the US demands.
As reported in Reuters, Trump said on Thursday he hopes to make a great deal with China when he meets their President. Trump also told reporters in Florida that China wants to make a deal very badly due to the tariffs.
According to news reports, the high-stakes meeting comes as the US administration is not likely to back down in its rhetoric and demands. In an update of the Section 301 investigation, Washington said that China has failed to alter its unfair practices towards the United States intellectual property and technology transfer policies.
China hopes the G20 meeting could support its stance against protectionism amid declining direct foreign investment and slowdown of global trade. Wand said that the global trade is currently facing a complex situation, rising protectionism and unilateralism is contributing to huge uncertainties for global economic growth. The upcoming summit may strengthen agreement from all sides on backing multilateralism, he added.
China has also rejected US accusations of unfair trade practices and urged Washington to put an end to the provocations.