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China hopes U.S. will create conditions necessary for September trade talks

EconomyAug 29, 2019 01:28PM ET
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BEIJING (Reuters) - China and the United States are discussing the next round of face-to-face trade talks scheduled in September, but hopes for progress hinge on whether Washington can create favorable conditions, China's commerce ministry said on Thursday.

In the latest tit-for-tat escalation of the trade war between the world's two largest economies, U.S. President Donald Trump last Friday said he would heap an additional duty of 5% on about $550 billion in targeted Chinese goods.

The move came hours after China had unveiled retaliatory tariffs on $75-billion worth of U.S. goods.

China hopes the United States can cancel the planned additional tariffs to avoid an escalation in the trade war, its commerce ministry spokesman, Gao Feng, told reporters on Thursday.

"The most important thing at the moment is to create necessary conditions for both sides to continue negotiations," he said during a weekly briefing, adding that China was lodging "solemn representation" with the United States.

For two years, the Trump administration has sought to pressure China to eliminate what it calls unfair trade practices and make sweeping changes to its policies on intellectual property protection, forced transfers of technology to Chinese firms, industrial subsidies and market access.

But China has constantly denied such accusations, vowing to fight back in kind and criticizing U.S. measures as protectionist.

Gao said China had "ample" countermeasures to retaliate against the planned U.S. tariffs, but talks in the current circumstances should focus on whether the tariffs could be canceled.

He did not answer directly when asked if his remarks suggested China would not retaliate against the latest U.S. tariff threat.

China has repeatedly said it would have no choice but to retaliate if the United States followed through on its threat.

On Monday, Trump predicted a trade deal with China, saying he believed it was sincere about wanting to reach a deal, citing what he called increasing economic pressure on Beijing and job losses there.

Trump cited as a positive sign comments by Vice Premier Liu He, who has been leading the talks with Washington, that China was willing to resolve the dispute through "calm" negotiations.

He repeated his assertion that Chinese officials had contacted U.S. trade counterparts overnight, offering to resume negotiations, a statement that China declined to confirm.

Gao also declined to provide any detail when asked if there had been a call this week between Beijing and Washington.

"As far as I know, both trade teams have maintained effective communication," he said.

In July 2018, the U.S.-China trade dispute boiled over in tariffs on hundreds of billions of dollars' worth of each other's goods and threatens to engulf all trade between the countries, putting global growth at risk.

"We hope the United States will show sincerity and concrete actions," Gao said.

China hopes U.S. will create conditions necessary for September trade talks
 

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Comments (27)
Robert Merrill
Robert Merrill Aug 29, 2019 10:17PM ET
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watch the Kyle Bass and Guo Wengui..vision interview trust his numbers better than the CCP.
Paul Manefee
Paul Manefee Aug 29, 2019 8:39PM ET
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Decouple, sooner the better, China CCP is a mafia government, like Iran, there’s no enforceable agreement one nation can strike with a mafia
Paul Manefee
Paul Manefee Aug 29, 2019 8:33PM ET
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USA should not conduct business with current Chinese CCP until China gets a regime change
Peter Dikeakos
Peter Dikeakos Aug 29, 2019 1:48PM ET
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Remember....Dow down 600...down 800. Up, never that much this month. The GAME IS RIGGED.
Peter Dikeakos
Peter Dikeakos Aug 29, 2019 1:31PM ET
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They....whoever they are are setting up MARKETS for SEISMIC EVENTS. The banks with Fed will be FIRST TO SHORT THE MARKETS.
Linda Liao
Linda Aug 29, 2019 12:42PM ET
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On 8/27, the first store of Costco in China opened in ShangHai, A lot of stuff was sold out just in half a day. Costco stock price increase 5% on that day. Maybe COST is a good candidate to buy in the future.
Paul Manefee
Paul Manefee Aug 29, 2019 12:42PM ET
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Ha, let’s see the Chinese population will continue with that purchasing power in 2 years with the tariff on
Happy Life
Happy Life Aug 29, 2019 12:06PM ET
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I can't believe the market went up on this "news". Sold yesterday and selling more today. Getting off this crazy ride. Had always been a long investor before. Hate the fact that monitoring the market and news has become my daily second and third job.
Chris Vu
Chris Vu Aug 29, 2019 12:00PM ET
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Big stock rally in light of the inverted yield curve and anticipated trade deal.
Chris Vu
Chris Vu Aug 29, 2019 11:56AM ET
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China will capitulate. No other country buys as much goods from China as the USA. There will be a trade deal close to the election. China cannot allow their 1.42 billion people out of a job. A recession in China is a threat to the government's grip and control over their population.
Linda Liao
Linda Aug 29, 2019 11:56AM ET
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That is not true. The worst case of this war is that trade stops completeliy betwen China and US, that would decrease 2% GDP increase rate for China. China's GDP increase rate is 6% each year now. To US, I don't know. Both sides will lost jobs for sure. There is no winner......
db cooper
db cooper Aug 29, 2019 11:51AM ET
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Things will get WORSE before a resolution is reached, I am selling every time when there is good news.........because bad news will be coming.  Guaranteed.
Kenneth Williams
Kenneth Williams Aug 29, 2019 11:51AM ET
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I just wonder when it's coming, before the holiday or after.
Linda Liao
Linda Aug 29, 2019 11:51AM ET
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Agree. I have sold my 401K already when S&P was near 3029 all-time high. I don't want what happend to my 401K in 2008 happens again.
Taylor Jones
Taylor Jones Aug 29, 2019 11:50AM ET
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China should know by now that Trump will not budge. This is all a plan to appease Trump and their markets with another round of talks, but in reality they are only buying time and trying to get tariffs temporarily lowered or pushed back. Trump is running out of time and needs to stop falling for these antics..
Bill Chan
Bill Chan Aug 29, 2019 11:33AM ET
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Xi comment more powerful than Trump twit
Dendy Irawan
Dendy Irawan Aug 29, 2019 11:18AM ET
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when then market gets high, i'm waiting for trump's twit to make a buy
Olivier Ve
lamborghinibull Aug 29, 2019 11:05AM ET
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no deal, US market at too high price and no rate cut yet
Chris Sundo
Chris Sundo Aug 29, 2019 10:18AM ET
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Trump and dump. Chump and dump. -- Must be Wall Street whispering into each side's ears for strategic timing
Robert Merrill
Robert Merrill Aug 29, 2019 10:15AM ET
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why cant there be a deal made and then tarriffs and import duties are then taken out by set date..this sounds fishy..are they trying to relief pressure so if they do walk away..one way trump looks like a fool doing so and gaining relief from it?
Will James
Will James Aug 29, 2019 9:36AM ET
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lmao. China is coming off as the crazy ex gf that acts one way in private and another way in public. We see you China..
Terrible Terrill
Terrible Terrill Aug 29, 2019 9:36AM ET
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yup
nick bryson
nick bryson Aug 29, 2019 9:04AM ET
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China did this once already. they said they were willing to talk then walked out the first day. they were going to talk at the g7 summit and they walked out of that one too. people are talking about the labor day stock bump but on Sept 1st new tariffs go into effect. then Oct tariffs after that just before the normal writer sell off. i bet we have another massive drop in December
Greg Hamilton
OptionsTrader Aug 29, 2019 8:44AM ET
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China & Trump = Chump trade
Richard Le
Richard Le Aug 29, 2019 8:26AM ET
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China is buying time, they know Trump will not win in 2020.
Scott Davison
ScottyD76 Aug 29, 2019 8:26AM ET
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lol. Gonna be fun to watch libs faces if Trump wins. Even more fun than when Hillary lost. Remember that? She was gonna win by a landslide according to the media. Libs are doing it again. Its deja vu. Can't wait to see it again.
Andrew carson
Andrew carson Aug 29, 2019 8:25AM ET
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Now both sides can calmly not come to reaching a deal.
Gold Fever
Gold Fever Aug 29, 2019 8:20AM ET
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Translation, it’s our way or the highway Trump, worthless news
mighty MGTOW
mighty MGTOW Aug 29, 2019 7:29AM ET
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Where are all the haters that said Trump was making this up to goose the markets? Probably in the basements of their mommies house crying a river.
Zen Cat
LittleZenCat Aug 29, 2019 7:24AM ET
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"China hopes U.S. will create conditions necessary for September trade talks" paraphrasing: "No more stupid tweets for now, please."
prince aloyce
prince aloyce Aug 29, 2019 5:35AM ET
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i think both of them wants pride and that is hurting the market it is about time they should come and put matters on the table for peaceful agreements
Kenneth Williams
Kenneth Williams Aug 29, 2019 5:35AM ET
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The most sensible thing I have heard thus far.
Paul Manefee
Paul Manefee Aug 29, 2019 5:35AM ET
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China CCP is a mafia government, like Iran, there’s no enforceable agreement one nation can strike with a mafia
 
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