Existing U.S. tariffs will have to be removed if there is to be a trade deal between both sides,according to China’s Ministry of Commerce (MOFCOM)on Thursday.
“Sino-U.S. trade tensions resulted from the U.S. side’s unilateral tariffs on Chinese products. If China and the U.S. were to eventually reach a trade deal,the existing U.S. tariffs should all be lifted,” said Gao Feng,spokesperson for MOFCOM,at a regular press conference.
Chinese President Xi Jinping and his U.S. counterpart Donald Trump agreed on the sidelines of the G20 summit last week in Osaka,Japan,to restart trade negotiations on the basis of equality and mutual respect.
Gao emphasized China’s attitude is specific and consistent,the agreement must be balanced and mutually beneficial,in which China’s core concerns must be met.
How are the trade talks going?
Asked about any progress in the talks,Gao claimed “the Chinese and U.S. teams are in close contact for trade talks and China hopes the two sides can avoid escalating trade tensions by maintaining equality and mutual respect,which is in line with the agreements reached between the two countries’ leaders on the sidelines of the G20 Osaka Summit last week.”
China welcomes the U.S. decision not to slap additional tariffs on its goods,Gao said,when asked how long the trade truce can last. He also urged the U.S. to fulfill its promise that “U.S. companies can sell their equipment to Huawei” and to stop wielding its national power to crack down on Chinese companies.
The spokesperson also mentioned the Chinese side is implementing relevant procedures regarding the unreliable entity list with a set rhythm.