Economic superpowers are trying to reach an agreement to appease trade tensions after President Trump has imposed exorbitant customs duties on dozens of countries.
China hopes that the United States will “try” to achieve “positive” trade results, the Chinese Foreign Ministry said on Monday on the eve of the expiration of the commercial truce concluded between the two countries in May.
“We hope that the United States will work with China to respect the important consensus reached during the telephone interview between the two heads of state … and will endeavor to obtain positive results on the basis of equality, respect and mutual benefit,” said the spokesman for the Ministry of Foreign Affairs, Lin Jian, in a statement.
Economic superpowers are trying to reach an agreement to appease trade tensions after US President Donald Trump has imposed exorbitant customs duties on dozens of countries.
The two parties concluded a 90-day truce in May and, last month in Stockholm, agreed to hold new negotiations on the extension of the ceasefire beyond the deadline of August 12.
This agreement has temporarily set the new American customs duties on Chinese products at 30%, while Beijing Taxes on American products amount to 10%.
The American representative in trade, Jamieson Greer, said, after Stockholm negotiations, that Donald Trump would have the “last word” on any extension of a pricing truce.
Higher customs duties over dozens of business partners – including an exorbitant amount of 35% on Canada – came into force on Thursday, while Donald Trump seeks to reshape world trade for the benefit of the American economy.