China and the US on Saturday held a virtual meeting regarding the two countries’ fraught trade relationship, after a lengthy break in negotiations.
Beijing’s top trade negotiator, Chinese Vice Premier Liu He (劉鶴), called US Trade Representative Katherine Tai (戴琪) to discuss a phase 1 trade deal, negotiated under former US president Donald Trump’s administration, along with other major economic concerns, the Chinese Ministry of Commerce said in a statement.
Both sides “conducted pragmatic, candid and constructive exchanges,” the statement said.
Photo: AP
Tai last week said that she planned frank conversations with officials in Beijing about an interim trade deal aimed at resolving a tariff war.
Liu also pushed for the cancelation of additional tariffs and sanctions levied by the US on Chinese goods.
The phase 1 trade deal put on pause a trade dispute enacted by Trump, who raised tariffs on Chinese imports over complaints about Beijing’s industrial policy and trade surplus. China retaliated by suspending purchases of US soybeans and raising tariffs on other goods.
Under US President Joe Biden, the US has maintained the higher tariffs and other policies that have elicited complaints from Beijing, but has sought a more cordial tone in bilateral discussions.
Liu also explained his country’s position on its economic development model and industrial policies.
China’s economy has bounced back relatively quickly following the COVID-19 pandemic, but has run into headwinds from large amounts of corporate and local government debt, as well as restrictions on high-tech exports, particularly those enacted by the US.
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