Beijing: Expectations for a US-Chinese trade truce rose Friday, though Beijing accused Washington of unfairly attacking its economy and said a settlement to their costly, 17-month-old conflict must be “mutually beneficial.”
A senior Trump administration official said an announcement regarding China would take place Friday. The official spoke on condition of anonymity to discuss internal planning.
A “deal is close,” said Myron Brilliant, the US Chamber of Commerce’s head of international affairs, who was briefed by both sides.
Brilliant said the Trump administration agreed to suspend a planned tariff increase on USD 160 billion of Chinese imports due to take effect Sunday and to reduce existing tariffs, though it wasn’t clear by how much. In return, Beijing would buy more US farm products, increase Americans companies’ access to the Chinese market and tighten protection for intellectual property rights.
The interim “Phase 1” deal, which doesn’t appear to cover major US-Chinese disputes, awaits final approval from President Donald Trump.
Trump did not comment to reporters on the talks late Thursday when returning to the White House. Trump declared on Twitter early Thursday: “Getting VERY close to a BIG DEAL with China. They want it, and so do we!” Chinese officials gave no confirmation of a possible deal in comments that highlighted how far apart the two sides still are.
There is no indication the “Phase 1” agreement extends to major disputes including US complaints Beijing steals or pressures companies to hand over technology. “Negotiations must be based on the principles of equality and mutual respect,” said a foreign ministry spokeswoman, Hua Chunying, repeating Beijing’s long-held position.
“The deal must be mutually beneficial, a win-win.” Meanwhile, Foreign Minister Wang Yi complained at a separate government-organised forum in Beijing that Washington is unfairly attacking China.
“The US side has successively imposed unjustified restrictions and crackdowns on China in economy and trade, science and technology and personnel exchanges,” Wang said.
“As far as China is concerned, what we are pursuing is our justified rights of development.” Trump’s comments triggered a rally on Wall Street that carried over to Asian trading. The Dow Jones Industrial Average surged 220 points, or 0.8 per cent on Thursday. (AP)
