China and the United States continue to work day and night to reach a trade agreement that meets the interests of both sides and the hopes of the world, including the elimination of tariffs "on a give-and-take basis," a senior Chinese official said on Saturday (9.3.2019).
Chinese Vice Commerce Minister Wang Shouwen said he was optimistic about negotiations with Washington, but added that any trade deal reached must be fair and equitable.
The governments of the world's two largest economies have been locked in a tariff battle for months as Washington presses Beijing to change its policies on industrial subsidies, technology transfers, market access and intellectual property rights.
The progress in the talks prompted the White House to indefinitely delay the increase in tariffs on $200.000 billion worth of Chinese imports scheduled for March 2.
Speaking at a news conference alongside China's annual parliamentary meeting, Wang said the imposition of tariffs between the two countries was bad for workers, farmers, exporters and manufacturers.
"It affects investor confidence and delays corporate investment decisions," said Wang, who has been deeply involved in trade negotiations with the United States.
"Now, the economic and trade teams of the two sides are making all-out efforts to communicate and negotiate to reach an agreement in line with the principles and directions decided by the two heads of state," he added.
"That is to remove all tariffs imposed on each other, so that bilateral trade relations between China and the United States can return to normal."
He added that the two countries' working teams are communicating "day and night."
It remains unclear when or where senior negotiators from the two countries will meet.
Work to be done
US administration officials have made no new plans to send a team to China for face-to-face trade talks and much work remains to be done to reach a deal, White House trade adviser Clete Willems said on Friday (8.3.2019).
U.S. President Donald Trump said last month that if the two countries bridge their differences, he could sign a deal to end the trade war with Chinese President Xi Jinping at his Mar-a-Lago estate in Florida.
Xi is set to travel to France and Italy in the middle of this month, sparking speculation that he might embark on a trip to the United States before or after his European visit.
However, a Beijing-based source familiar with the situation said there had been no formal talks between the two countries about a trip by Xi to Florida and played down the chances of one happening later this month.
A second source, also familiar with the situation, said China thought it was getting closer to a deal but that as the time ticks by it has realised it will not be so easy to achieve.
"Things are not yet agreed," the source said.
Both sources spoke on condition of anonymity because they were not authorized to speak to the media.
Tu Xinquan, a trade expert at Beijing University of International Business and Economics who has advised the government, was skeptical that Xi would want to sign a deal at Mar-a-Lago.
"It's not good for Xi to go to the US to sign the deal. Maybe a third country would be better," Tu said.
Wang did not answer reporters' questions about whether Xi would go to Mar-a-Lago.
Source: Reuters
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