A Chinese state newspaper said Friday that a “partial” trade deal would benefit China and the United States, and Washington should take the offer on the table, reflecting Beijing’s aim of cooling the row before more US tariffs kick in.
Both sides have slapped duties on hundreds of billions of dollars of goods during the 15-month trade dispute, which has shaken financial markets and uprooted global supply chains as companies move production elsewhere.
As top US and Chinese negotiators wrapped up a first day of trade talks in more than two months Thursday, business groups expressed optimism the two sides might be able to ease the conflict and delay a US tariff hike scheduled for next week.
China’s top trade negotiator, Vice Premier Liu He, said Thursday that China is willing to reach agreement with the United States on matters that both sides care about so as to prevent friction from leading to any further escalation.
He stressed that “the Chinese side came with great sincerity.”
Adding to that, the official China Daily newspaper said in an editorial in English: “A partial deal is a more feasible objective.”
“Not only would it be of tangible benefit by breaking the impasse, but it would also create badly needed breathing space for both sides to reflect on the bigger picture,” the paper said.
Hours ahead of an expected meeting between China’s Liu and President Donald Trump at the White House, China’s securities regulator unveiled a firm timetable for scrapping foreign ownership limits in futures, securities and mutual fund companies for the first time.
China previously said it would further open up its financial sector on its own terms and at its own pace, but the timing of Friday’s announcement suggests Beijing is keen to show progress in its plan to increase foreigners’ access to the sector, which is among a host of demands from Washington in the trade talks.
Chinese officials are offering to increase annual purchases of US agricultural products as the two countries seek to resolve their trade dispute, the Financial Times reported Wednesday, citing unidentified sources.
The US Department of Agriculture on Thursday confirmed net sales of 142,172 tons of US pork to China in the week ended Oct. 3, the largest weekly sale to the world’s top pork market on record.
A US-China currency agreement is also being floated as a symbol of progress in talks between the world’s two largest economies, although that would largely repeat past pledges by China, currency experts say, and will not change the dollar-yuan relationship that has been a thorn in the side of Trump.