Beijing, October 10 (BNA) China and the United States held a virtual meeting today, Saturday, on the charged trade relations between the two countries, after a long break in negotiations.
China’s chief trade negotiator Liu He called U.S. Trade Representative Catherine Tai to discuss the “phase one” trade deal, which was negotiated under the Trump administration, along with other major economic concerns, according to a statement from China’s Ministry of Commerce.
The statement said the two sides “had practical, frank and constructive exchanges.”
Tai said this week that she plans to have frank talks with officials in Beijing about an interim trade deal aimed at resolving the tariff war, the Associated Press (AP) reported.
Liu, deputy prime minister and member of the ruling Communist Party’s Politburo, also called for the abolition of additional duties and sanctions imposed by the United States on Chinese goods.
The “phase 1” trade deal temporarily halted a trade war launched by former President Donald Trump, who raised tariffs on Chinese imports over complaints about Beijing’s industrial policy and trade surplus. China responded by suspending purchases of US soybeans and raising tariffs on other goods.
Under President Joe Biden, the administration has maintained higher tariffs and other policies that have drawn complaints from Beijing, but has sought a friendlier tone in bilateral discussions.
Liu also explained the country’s stance on the current economic development model and industrial policies. China’s economy has recovered relatively quickly in the wake of the global pandemic, but it has faced headwinds from large amounts of corporate and local government debt, as well as restrictions on high-tech exports, particularly those enacted by the United States.
RAE