BEIJING (Reuters) – Trade talks between the United States and China should be equal and mutually beneficial, Chinese Vice Minister of Commerce Wang Shouwen said Friday, adding he hopes the two countries could find ways to overcome their differences in dialogue.
FILE PHOTO: Chinese Vice Minister of Commerce and China Deputy Chinese Trade Representative Wang Shouwen speaking at the China Development Forum (CDF) 201
US President Donald Trump and his Chinese counterpart Xi Jinping will hold talks next week during the G20 summit in Buenos Aires as trade relations between the world's two largest economies become increasingly tense.
Wang said at a press conference in Beijing that he hopes that both sides can move in the same direction and find ways to solve their problems. Officials from both countries are in close contact under the leadership of their leaders, he added.
Washington wants Beijing to improve market access and intellectual property protection for US companies, reduce industrial subsidies, and close a $ 375 billion trade deficit. Trump has imposed duties on Chinese imports of $ 250 billion to force concessions.
The $ 200 billion US tariff on Chinese goods is set to rise from 10 percent on January 1 to 25 percent. 1. Trump threatened to impose tariffs on all remaining Chinese imports – about $ 30 billion more in goods – if Beijing failed to meet US demands.
Trump said Thursday he hopes he can make a deal with China when he meets Xi.
"I can say that China wants to make a deal very badly – because of tariffs," Trump told reporters in Palm Beach, Florida.
"China wants to make a deal; If we can make a deal, we will, "he said.
The high-stakes meeting comes as the Trump administration's demands and rhetoric shows little signs of easing. Washington said China had failed to change its "unfair" practices at the heart of the US-Chinese trade dispute on Tuesday in an update of "Section 301" of the US Trade Representative on China's Intellectual Property Policy and Policy.
China rejected the recent US accusations of maintaining unfair trading practices and called on Washington to stop provoking it.
The Chinese Ministry of Commerce said on Thursday it was deeply concerned about the report that the US government had released this week.
Citing security concerns, the US government on Monday proposed to investigate technology exports in 14 key high-tech areas, including artificial intelligence and microprocessor technology. This is a step that many analysts think is aimed directly at China.
A 30-day public consultation period on the proposal to include these sectors in their broader export control system is under way and will end on 19 December. This is evident from a document published in the Federal Register of the US Government.
Reporting by Kevin Yao; Write by Ryan Woo; Editing by Darren Schuettler