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China has stated that it evaluates US translations to initiate trade negotiations, potentially opening the way to the two largest economy in the world to start negotiations on the resolution of the trade war, which scored the financial markets and sent the field for world economic activity.
The press secretary of the Ministry of Commerce said statement Friday.
Assessing the possibility of starting negotiations, the Chinese authorities once again confirmed Beijing’s request to the US to remove all unilateral tariffs. Failure to do so will indicate a “open lack of sincerity” from Washington and “further mutual trust”, CNBC reports.
“If the US wants to talk, it must show its sincerity and be prepared to correct its wrong practice and cancel unilateral tariffs,” the statement said.
This year, US President Donald Trump hit the 145% tariffs on imported Chinese goods, which forced China to impose at 125%. So far, both sides have sought to dull the economic impact of tariffs by exceptions to certain critical products.
The Chinese marine yuan strengthened 0.14% to 7,2665 against the US dollar after the statement. While markets on China’s shore are closed for rest, Hong Kong Hang Saint The index jumped by 1.2% outdoors.
Beijing’s latest comments follow the flurry of conflicting statements by Trump administration and the Chinese leadership as to whether they are negotiating, and both parties want to avoid being seen as the first to retreat.
According to Reuters, US Secretary of State Mark Rubio told the Hannity Fox News program that “the Chinese want to meet and talk”, according to Reuters, showing that such talks will soon appear.
“We need to look at these exchanges with words with a pinch of salt,” said Tianchen Si, the senior economist, adding that both parties are waiting for when the other side is blinking at first. “
He believes that certain working level interactions may occur or are about to reduce tariff rates to a “less destructive” level of 40% to 50% in the next one or two quarters.
