The second round of China-U.S. trade talks have come to an end. China’s Vice Premier met with officials in Washington, with some agreement on issues. And Beijing says a trade war has been averted.
CGTN’s Jim Spellman tells us more on the talks.
There were signs of progress after two days of trade talks between top Chinese and U.S. officials in Washington. Vice Premier Liu He, who led the Chinese delegation said there will be no trade war, and both sides agreed that no additional tariffs would be imposed. He described the talks as positive, pragmatic and constructive.
A joint U.S.-China statement said measures were being discussed that would help both countries; boosting China’s economy while reducing the trade deficit.
The statement read in part: “There was a consensus on taking effective measures to substantially reduce the United States trade deficit in goods with China. To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of United States goods and services.”
The statement also said that the U.S. would increase agriculture and energy exports to China while working to expand trade in manufactured goods and services.
Liu led the Chinese delegation. On Friday, White House adviser Larry Kudlow said talks were going well despite no firm deal being reached. “I think what really got the president kind of optimistic about this is what he heard from the vice premier,” explained Kudlow.
The two sides also agreed on the importance of intellectual property protection. China’s foreign ministry stated that ongoing dialogue is crucial to managing trade differences. “Consultations are meant to address each other’s concerns, increase mutual understanding, and work toward compromise,’ said Lu Kang, Chinese Foreign Ministry Spokesperson.
Washington and Beijing agreed to the principle of fairness when dealing with trade issues and a level playing field for competition. They also agreed to continue high-level talks in a proactive manner. A U.S. team will travel to China to work on details around increased American agriculture and energy exports, but no dates yet for those discussions.
Kun Liu on the second round of U.S.-China trade talks
To discuss more on the second round of U.S.-China trade talks and an agreement for increased U.S. imports, CGTN’s Susan Roberts spoke with Kun Liu,. She’s the Washington Correspondent for China Radio International.