China and US extend negotiations to end trade war

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The White House has announced that US and Chinese officials will continue discussions in Washington in search of “fair trade relations.” At the same time, Chinese Deputy Prime Minister Liu He has said China is ready to engage with the US on equal terms to resolve trade disputes.

“Today, government officials [including Trump] have begun a series of meetings with a delegation from the Chinese government as part of the ongoing trade discussions. US officials conveyed the president’s clear goal for a fair trade relationship with the China,” Liu said in a press release. “US officials and the Chinese delegation also attended a meeting with President Donald J. Trump at the White House. Both sides agreed to continue discussions on Friday.”

The New York Times previously reported that China was preparing a $200 billion package to reduce its trade deficit with the United States. Trump told reporters earlier in the day that he doubted that the United States and China could reach a fair deal.

“China stands ready to join forces with the US and take the necessary steps to resolve outstanding trade and economic issues on equal terms and of mutual interest,” Liu wrote on WeChat.

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Liu He said that the US-China relationship is in an important stage and called on Washington to work towards ensuring “the healthy and stable development of bilateral ties.”

Meanwhile, a report released by the State Administration of Foreign Exchange (SAFE) states that China’s economy could control the effects of the trade war with the United States on its currency, the yuan: “China’s supply and demand for foreign currency were basically stable in the first quarter and we believe this is the trend for the rest of the year. Even with the trade dispute with the US, cross-border capital flows can be manageable.”

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