China signals it is willing to return to trade talks with US

Daniel Fowler
June 7, 2019

The US has backtracked on its commitments in the US-China economic and trade consultations, not the other way around.

First of all, the consultations have suffered severe setbacks because the USA government has "backtracked on its commitments" to consultations.

Since the establishment of diplomatic relations between China and the United States, bilateral trade and economic relations have come a long way, with expanding fields of cooperation at higher levels.

The latest USA tariffs on Chinese imports will not resolve the two countries' trade issues, and the United States bears responsibility for setbacks in the talks process, a policy paper published by the Chinese government said on Sunday, Trend reported citing Reuters.

China has been consistent and clear on its position, that it hopes to resolve issues through dialogue rather than tariff measures.

China on Sunday issued a government policy paper on the U.S.

The document explains the ins and outs of the trade talks, covering information about the impact of Sino-U.S. economic and trade frictions, how the U.S. side went back on its promises, and China's principled stance in dealing with the consultations. They also needed to explain if there were alternatives for U.S. goods imports.

In spite of many challenges and uncertainties in the current relationship between China and the United States, China still believes that a wide range of common interests will drive them out of track leading to confrontation, Chinese Consul General in Los Angeles Zhang Ping said Wednesday.

China has vowed to fight against pressure from the United States as the trade friction between the world's two largest economies continues to escalate.

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In making these allegations, the paper, in some cases, did not clearly indicate how US actions amounted to backtracking, and in others, misrepresented agreements and outcomes of trade discussions. On May 29, 2018, despite the opposition of its domestic business community and the general public, the United States administration tore up the consensus just ten days after the joint statement, gratuitously criticizing China's economic system and trade policy, while announcing the resumption of the tariff program.

Washington later slapped additional tariffs of up to 25% on $200 billion of Chinese goods, prompting Beijing to retaliate. If he meets with the Chinese, it would be the first face-to-face talks after the two sides reached a standoff in two-year negotiations over trade last month. The third states that a new set of meetings between the two nations.

The comments come in response to Beijing's release of a paper blaming Washington for the setback in talks. Much of it deals with the contrast of the Trump Administration attitude toward tariffs and those before it. Following numerous rounds of consultations, the two countries had agreed on most of the issues.

One of the major hurdles in talks was China's tech industry.

Many in the sector had been counting on a resolution to the trade dispute before the next US soybean harvest around October.

The report blames the USA for the inconclusive cabinet-level negotiations, saying that Washington resorted to "intimidation and coercion" and "persisted with exorbitant demands". "The US side accused China of "reversing the car" during the consultations, which is completely nonsense".

The Department also noted that the President directed the USTR to challenge China's unfair trade practices at the World Trade Organisation but also to impose tariffs on China to offset the damage to U.S. industry caused by China's conduct.

The waivers are for tariffs imposed in July previous year on US$50 billion (RM208.4 billion) worth of United States goods in retaliation for similar measures taken by Washington.

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