Beijing ready to resume trade talks, says Chinese ambassador
‘Our door is still open,’ said Chinese ambassador to the United States Cui Tiankai.
Beijing is ready to further its trade talks with Washington, said Chinese ambassador to the United States (US) Cui Tiankai in an interview with an American news channel.
‘Our door is still open,’ said Mr Cui in an interview on Fox News Channel. ‘China remains ready to continue our talks with our colleagues to reach a conclusion,’ the ambassador added.
According to Mr Cui, he blamed the US’ side for frequently ‘changing its mind’ on the US-China trade deal, which caused the deal to sour.
Tit-for-tat US-China tariff spat on a deadlock
Since the last round of talks ended in a stalemate on May 10, both sides have not scheduled for any further talks on the trade deal. The US raised tariffs on US$200 billion worth of Chinese goods from 10% to 25% after trade talks made little headway.
China then hit back by saying that it will raise tariffs on US$60 billion worth of American goods starting June 1 to as high as 25%. The duties largely target US farmers, taxing products such as peanuts, sugar, wheat, and chicken.
With the tariff hike from China, this meant that Beijing is backing out of major parts of a developing trade agreement, said the White House.
The Trump administration has threatened to put 25% of tariffs on US$325 billion of Chinese goods that currently remain untaxed.
US president Donald Trump has posted a string of tweets threatening China not to “retaliate” or things “will only get worse”. In a tweet to China and its president Xi Jinping, he said: ‘China will be hurt very badly if you don’t make a deal because companies will be forced to leave China for other countries.’
‘You had a great deal, almost completed, and you backed out!’ Mr Trump exclaimed.
Experts have warned that a prolonged trade war will lead to a slowdown in global growth which would dent corporate profits and dampen the renewed optimism of a global economy on a rebound.
This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
Be ready to act on ECB opportunities
Learn how the ECB’s monetary policy announcements affect interest rates and price stability ahead of its next meeting in 22 April 2021.
- How might the next meeting affect the markets?
- What are the key rate decisions to watch?
- Why is the Governing Council announcement important for traders?
Live prices on most popular markets