China not interested in escalating trade spat
June 7, 2018
The Chinese Commerce Ministry said Thursday that the country did not want an escalation of trade tensions with the US, pointing to "some specific progress" that was made in the most recent round of talks between the two nations.
Beijing confirmed it was willing to substantially increase imports from the United States as part of negotiations to reduce Washington's $375-billion (317-billion) goods trade deficit with the world's second-largest economy and defuse broader commercial tensions.
According to Reuters, the Trump administration discussed a Chinese government offer to import an extra $70 billion in US agricultural and energy commodities, but it remained unclear whether such a deal would be enough to avoid a full-blown trade war.
Threats and counterthreats
US President Donald Trump had threatened tariffs on up to $150 billion of Chinese exports as part of a separate dispute over intellectual property protection in China.
Washington said a final list of goods to be affected by a first wave of duties would be issued next week, adding that the US Treasury Department also considered limiting Chinese investment in the United States.
China warned earlier this week that any agreements reached on trade and business between the two nations would be void, should Washington implement additional tariffs.
Media reports pointed out that the latest round of bilateral trade talks did not address structural issues that have angered US policymakers for years, such as restrictive Chinese joint venture rules and market access obstacles for foreign investors.
hg/jd (Reuters, AFP)