The United States proactively invites China to conduct a new round of trade negotiations
The U.S. president’s chief economic adviser said the U.S. government has proposed a new round of trade negotiations with Beijing to avoid further escalation of President Trump’s trade war with China. U.S. stocks rose on expectations the development could ease rising tensions.
Three people familiar with the matter, who spoke on condition of anonymity, said senior U.S. officials, led by Treasury Secretary Steven Mnuchin, recently extended invitations to Chinese officials. Negotiations could take place in Washington if China agrees, one of the people said.
“This is a good thing.” Trump’s National Economic Council Director Larry Kudlow said. He confirmed the report. “We are communicating now, you could say the communication has escalated.”
The Wall Street Journal reported on the U.S. proposal earlier on Wednesday, citing anonymous sources. The Dow Jones index rebounded, and emerging market assets rose.
With President Trump just days ago threatening to impose tariffs on almost all Chinese goods exported to the United States, this proposal may help ease bilateral tensions.
The U.S. government seeks to put pressure on Beijing to reduce China’s trade surplus with the United States and protect the intellectual property rights of U.S. companies. Since July, the Trump administration has imposed additional tariffs on $50 billion in Chinese goods, prompting Beijing to retaliate immediately.
Trump has not yet imposed tariffs on another $200 billion in Chinese goods. The public comment period for the round of tariffs ended last week with no U.S. action. “There’s another $267 billion of goods that could be ready with tariffs at short notice if I wanted to,” he said last week. That covers nearly everything China exports to the United States, including clothing and consumer goods like Apple smartphones. .
China has said it will be forced to retaliate against all U.S. measures, raising concerns that a trade war could weaken the global economic outlook.
Efforts to end the trade war have so far been fruitless. Officials from the two countries have held four formal talks, the most recent in Washington in August, with representatives from both sides being Malpass, the U.S. Under Secretary of the Treasury for International Affairs, and Wang Shouwen, the Chinese Vice Minister of Commerce.
But these talks did not achieve a breakthrough because the United States submitted an adjusted demand, including asking China to reduce its trade surplus with the United States. Previous lists of demands have been rejected by China. Last week, Kudlow complained about China’s lack of concessions and emphasized President Trump’s willingness to stand his ground despite his personal relationship with Chinese President Xi Jinping.
However, Kudlow did say that Trump is willing to meet with Xi Jinping, possibly at the G20 summit in Argentina at the end of November. (Title: The United States proactively invites China for a new round of trade negotiations)
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