China’s Commerce Ministry says that the country does not want trade frictions with the US to escalate, and that some specific progress was made in the latest round of talks last weekend, Reuters reports.
China is willing to increase imports from the US as part of negotiations to reduce the USD 375 billion goods trade deficit which US president Donald Trump has deemed unacceptable. According to Reuters sources, Trump and advisors have discussed an offer by the Chinese government to import an extra USD 70 billion in US agricultural and energy commodities. However, it’s unclear it this deal would be enough to avoid a trade war.
Trump has threatened tariffs of up to USD 150 billion of Chinese exports, as part of a separate dispute over Chinese intellectual property protections. A final list of goods in the first wave of tariffs is expected to be released by the US administration next week, and the Treasury Department plans to limit Chinese investment in the US.
The Chinese Commerce ministry reiterated China’s willingness to import more from the US, but he did not offer details.
China on Sunday warned that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures.