US and China have ‘wisdom’ to resolve trade issues: Chinese Top Diplomat

Vastavam web: China and the United States both have the “ability and wisdom” to reach a trade deal that is good for both, the Chinese government’s top diplomat said, as U.S. President Donald Trump said he thought recent talks in Beijing would be successful. The slightly more optimistic comments came after both sides ramped up their trade war, with China announcing details of new tariffs against U.S. imports on Monday, following the United States’ move last week to target Chinese imports.

The U.S. Trade Representative’s office said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China. Cellphones and laptops would be included in that list but pharmaceuticals would be excluded, the office said.

The prospect that the United States and China were spiralling into a fiercer, more protracted dispute that could derail the global economy has rattled investors and led to a sharp selloff on equities markets in the past week.