China hopes to secure trade deal with US ‘as soon as possible’
China said it hopes to secure a trade deal with the US “as soon as possible”, raising hopes of a breakthrough ahead of a fresh round of intense negotiations this week.
Assistant Commerce Minister Ren Hongbin told reporters this morning that Beijing hopes to reach a trade agreement with the US that will satisfy both sides.
Read more: FTSE 100 opens higher as China tariff waiver raises hopes of trade truce
“On the question of China-US trade talks and negotiations, we wish that both sides can, on the foundation of equality and mutual respect, push forward negotiations, and in consideration of each others’ core interests, reach an agreement that satisfies all sides as soon as possible,” Ren said.
The world’s two largest economies are holding discussions over a so-called phase one trade deal as they look to bring a nearly 18-month long dispute to an end.
China has demanded that some of the existing US tariffs imposed on about $375bn (£285bn) worth of its exports be removed, in addition to cancellation of fresh tariffs on some $156bn of its remaining exports to the US, which are due to come into force on 15 December.
US President Donald Trump has demanded that China commit to specific minimum purchases of US agricultural products, among other concessions on intellectual property rights, currency and access to China’s financial services markets.
Read more: Global growth to pick up next year despite US and China slowdowns, says report
China last week waived tariffs on some soybean and pork shipments from the US in a sign of a potential easing of tensions. However, it is not clear whether a full agreement can be reached in the near term.
White House economic adviser Larry Kudlow last week said that the two sides had talked almost daily, but there were currently no plans for face-to-face talks or a signing ceremony between Trump and Chinese President Xi Jinping.