China will never publicly acknowledge the impact of U.S. trade action on its economy. But its desperation to hammer out a trade deal with the U.S. is telling.
In a development that essentially underscores the pain U.S. trade action is having on Beijing, China’s commerce ministry stated, existing U.S. tariffs on China will have to be removed before any potential trade deal can be hammered out between the two countries.
The United States had pulled back from trade talks following China reneging from its commitments.
According to Gao Feng, spokesman for China’s Commerce ministry, trade teams from both countries are in touch with one another.
As a gesture of goodwill, U.S. President Donald Trump has agreed to not apply tariffs on the remaining $300 billion Chinese exports to the U.S.
Currently, the United States has imposed tariffs of 25% on $250 billion of Chinese goods, ranging from furniture to semiconductors.
The U.S. decision to not slap new tariffs has been welcomed by China.
Categories: Creativity, Economy & Finance, Entrepreneurship, Geopolitics, HR & Organization, Regulations & Legal, Strategy
Leave a comment