Finance
China hopes to ‘properly manage differences’ with the U.S. on trade
U.S. President Donald Trump meets China’s President Xi Jinping at the start of their bilateral meeting at the G20 summit in Osaka, Japan, on June 29, 2019.
Kevin Lemarque | Reuters
BEIJING — China is emphasizing its willingness to negotiate as increased tariffs on exports to the United States may soon become a reality.
U.S. President Donald Trump said this week he may increase duties on Chinese goods by 10% as soon as Feb. 1. The White House on Monday also announced plans to investigate China over actions harmful to U.S. commerce.
China’s Ministry of Commerce has always maintained communication with “relevant” U.S. authorities on economy and trade, ministry spokesperson He Yadong said in response on Thursday.
“The Chinese side hopes that under the strategic guidance of the two heads of state, both sides will … strengthen dialogue and communication, properly manage differences, expand mutually beneficial cooperation and promote the stable and healthy development of China-U.S. economic and trade relations,” He added during a weekly press conference. That’s according to a CNBC translation of his Mandarin-language remarks.
Trump said last week that he spoke with Chinese President Xi Jinping over the phone about TikTok and trade. The Chinese side’s readout did not mention the social media app, but said Xi called for cooperation and cast the two countries’ economic ties as mutually beneficial.
“Tariffs are not conducive to China or the U.S., or the entire world,” commerce spokesperson He said.
“China is willing to work with the U.S. to push bilateral economic and trade relations in a stable, healthy and sustainable direction,” He said, noting that was on the basis of “mutual respect, peaceful coexistence and win-win cooperation.”
The comments echoed those of China’s Foreign Ministry spokesperson Mao Ning on Tuesday.
“We stand ready to maintain communication with the U.S., properly handle differences, expand mutually beneficial cooperation and pursue a steady, sound and sustainable development of China-U.S. relationship,” Mao said when asked about negotiations over tariffs.
“China will also firmly defend its own interests,” she said. That’s according to an official English-language transcript.
Even if 10% tariffs are imposed on China, that’s far lower than the original 60% that Trump had floated during his campaign.
Hours after his inauguration on Monday, Trump reiterated plans for 25% tariffs on Mexico and Canada, without specifying a figure for China. He said only that increased duties might be used to force Beijing-based ByteDance to sell social media app TikTok, whose future availability in the U.S. is now in question.
When asked about TikTok on Thursday, Chinese commerce spokesperson He said China “hopes the U.S. side will listen more to the voices of businesses and the public,” and “do more things that are conducive to economic and trade cooperation between China and the United States and the well-being of the people.”
Best Practices to Auditing Your Bookkeeping Records
How to avoid delinquency, default, garnishment
Why long-term care costs can be a ‘huge problem’
New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
The Essential Practice of Bank and Credit Card Statement Reconciliation
Are American progressives making themselves sad?
-
Personal Finance1 week agoHow consumers prepare for an economic hit
-
Personal Finance1 week agoReal estate and gold vs. stocks: Best long-term investment
-
Economics1 week agoAndrew Bailey on why UK-U.S. trade deal won’t end uncertainty
-
Economics1 week agoThe president has deleted a key tenet of American civil-rights law
-
Economics1 week ago
Trump knocks down a controversial pillar of civil-rights law
-
Economics1 week agoA social history of America in a warehouse
-
Economics1 week agoOne of the most controversial executive orders will shortly land at SCOTUS
-
Accounting1 week agoEssential Strategies for Maintaining Data Security in Modern Bookkeeping