US and China hold trade talks in Beijing amid three-month ‘truce’ in tariff war
With just about two months left before a deadline for a new trade deal, Washington and Beijing are launching two-day talks to end the intense tariff war raging between the nations as major US companies’ stocks plummet.
American and Chinese delegates face each other on Monday in Beijing, with both sides expressing optimism before the meeting. US President Donald Trump said that negotiations are going “very well,” echoing his previous statements that “big progress” was being made during the talks.
Officials in Beijing shared his opinion. The US negotiators will “optimistically and constructively communicate” with their counterparts, China’s Ministry of Commerce noted earlier this week. The Ministry’s spokesperson, Lu Kang later said China hopes to resolve the dispute on terms of mutual respect and on equal footing.
The countries have been locked in a trade conflict since Trump accused China of taking unfair advantage of the US economy. He slapped tariffs on Chinese goods, and Beijing promised to respond in kind.
In December, the sides agreed on a ‘truce,’ giving each other an extra opportunity to find a compromise deal. The US had postponed the enforcement of tariffs for 90 days, while China vowed to buy more American goods.
But relations took another dip soon after as Meng Wanzhou, Huawei’s chief financial officer and the daughter of the company’s founder, was detained in Canada under a warrant issued by Washington. She is being investigated for allegedly violating sanctions placed on Iran, and was eventually released on bail. However, her detention irritated China, which slammed the whole affair as unlawful.