Sep 14, 2018 (China Knowledge) - News of U.S. Treasury Secretary Steven Mncuhin extending invitation to Beijing for new round of trade negotiation were reported yesterday.
The Chinese side had also confirmed the news the same day in the afternoon, during a press conference held by the Ministry of Commerce. Its spokesman Gao Feng said that the Chinese officials have always been in touch with the U.S. counterparts to exchange opinions, and to discuss terms to defuse the trade tension.
The Chinese officials believe that the implementation of tariffs on Chinese imports threatened by President Donald Trump will not help solve trade deficits between the two countries, but exacerbate costs for both the consumers and companies instead. They are willing to take pragmatic actions and measures, and to engage in meaningful and honest dialogue with the U.S. to stop the trade war from happening or escalating further.
However, Trump might undercut the U.S. Treasury Secretary effort to prevent trade war from happening with his tweet. In his tweet, Trump mentioned that the U.S. is in no pressure to make a deal with China. He believes that the trade tariff has allowed their market to surge while China’s market are collapsing.
The success for the next round of trade negotiation will need endorsement and involvement of high level officials from both sides to push changes to happen. Without the involvement of Trump or the U.S. Trade Representative, Robert Lighthizer, the trade negotiation will most likely remain stalemate.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: email@example.com
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI