U.S-China to resume trade talks, but China says demands must be met

Vastavam web: China said on Thursday it hoped U.S. officials would bring a problem-solving attitude to renewed trade talks in advance of a meeting between Presidents Donald Trump and Xi Jinping next week in Japan. Negotiations to reach a broad trade deal broke down last month after U.S. officials accused China of backing away from previously agreed commitments.

A telephone call between Trump and Xi on Tuesday, as well as confirmation the two will meet in Japan on the sidelines of a Group of 20 summit, have rekindled hopes of a detente. “The heads of the two trade teams will communicate, according to instructions passed down from the two presidents,” Chinese commerce ministry spokesman Gao Feng told.

The two countries have imposed tariffs on each other’s imports, disrupting global supply chains and roiling financial markets. China has vowed to not give in to U.S. pressure on issues of principle.

Trump has threatened to extend tariffs to another $300 billion worth of goods, covering nearly all remaining Chinese imports into the United States, including consumer products such as cellphones, computers and clothing.

China says three main sticking points remain between the two sides in trade negotiations. They are the removal of tariffs imposed in the trade war, the scale of goods purchases from the United States that China will make to help reduce the trade imbalance between the two, and the need for a “balanced” text for any trade deal. Those “matters of principle” cannot be compromised, China has said.

“Both sides have immense mutual interests. I believe by taking care of each other’s concerns through equal dialogue, both sides will for sure be able to find a solution to solve the problems properly,” Gao said.