Is Trade Deal Possible Between U.S. and China? China ‘Hopes to Find Mutually Acceptable Solutions’ to End Trade War

  • While pledging to fight back against the Trump administration’s latest tariffs on Thursday, China also struck a conciliatory tone by urging the U.S. to meet the country halfway on a trade deal to resolve the escalating trade war.
  • President Trump has previously stated that any new trade deal with China must “be on America’s terms.”
  • In a released statement, the Chinese finance ministry said “that Washington’s tariffs, set to start next month, violated a consensus reached between Trump and Chinese President Xi Jinping at a June summit in Japan to resolve their disputes via negotiation.”
  • China’s foreign ministry spokeswoman, Hua Chunying, said in a separate statement: “We hope the U.S. will meet China halfway, and implement the consensus of the two heads of the two countries in Osaka.”
  • Hua added that “China hopes to find mutually acceptable solutions through dialogue and consultation on the basis of equality and mutual respect.”
  • In a Thursday interview, Trump said: “China, frankly, would love to make a deal, and it’s got to be a deal on proper terms. It’s got to be a deal, frankly, on our terms. Otherwise, what’s the purpose?”
  • While both Trump and Xi had agreed during the June summit to resume the conversation over a trade deal after previous negotiations stalled earlier this year, the Trump administration hit China with additional tariffs at the beginning of August.
  • In a surprise move, “the Trump administration said it would slap duties beginning Sept. 1 on $300 billion of Chinese goods, which would effectively cover all of China’s exports to the United States.”
  • However, this week, Trump announced that he would delay the tariffs on certain consumer goods and electronics until December 15 “in the hopes of blunting their impact on U.S. holiday sales.”
  • Global stock markets have been turmoil as the trade war between the two powerful nations appears to not have an end in sight.

Reference Links

  • Reuters: China to counter latest U.S. tariffs as Trump vows deal on U.S. terms READ
  • USA TODAY: China threatens retaliation for US tariffs while sidestepping Trump offer to meet with Xi Jinping READ
  • Bloomberg: China Readies Response to Tariffs, Resists Hong Kong Advice READ
  • CNBC: China softens stance on trade after saying it has to take counter-measures to US tariffs READ

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