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China Says It 'Does Not Want' Trade Tensions With US

Published on May 21 2018 9:10 AM in Supply Chain tagged: China / USA / trump / Trade War

China Says It 'Does Not Want' Trade Tensions With US

China does not want trade tensions with the United States, the Chinese Foreign Ministry said on Monday after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement.

Ministry spokesman Lu Kang made the comment at a regular news briefing.

Earlier, Chinese state media praised a significant dialling back of trade tension with the United States, saying China had stood its ground and the two countries had huge potential for win-win business cooperation.

A trade war was "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday.

The previous day, Beijing and Washington said they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to narrow the $335 billion annual U.S. goods and services trade deficit with China.

The official China Daily said everyone could heave a sigh of relief at the ratcheting down of the rhetoric, and cited China's chief negotiator, Vice Premier Liu He, as saying the talks had proved to be "positive, pragmatic, constructive and productive".

"Despite all the pressure, China didn't 'fold,' as U.S. President Donald Trump observed. Instead, it stood firm and continually expressed its willingness to talk," the English-language newspaper said in an editorial.

"That the U.S. finally shared this willingness, means the two sides have successfully averted the head-on confrontation that at one point seemed inevitable", it said.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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