The Chinese who have earlier used cyberattack as a means of gaining technological superiority in trade have now offered concessions to avoid a trade war.
The Financial Times has reported citing officials familiar with the matter at hand, China is likely to offer the Trump administration better market access to its financial sector and allow larger exports of U.S. beef so as to avert a trade war.
In a coy move, while China had earlier banned the import of U.S. beef, the Chinese are now willing to end the ban as well as raise the investment ceiling in the Bilateral Investment treaty, said the FT.
“China was prepared to (raise the investment ceilings) in the BIT but those negotiations were put on hold (after Trump’s election victory),” said the Financial Times citing a Chinese official involved in the talks.
Wilbur Ross, the U.S. Commerce Secretary disclosed that the Donald Trump and Xi Jinping, the Chinese President, have agreed to a new 100-day plan for trade talks.
While China’s ministry of commerce could not be reached for comment, the United State’s trade department was not immediately available for comment.