China has expressed its willingness to resume commercial talks with America a day after US President Donald Trump announced that it does not intend to deal firmly with China in customs duties negotiations, expressing his optimism that an agreement can be reached very quickly, in what is a remarkable development in trade relations between the two largest economies in the world.
According to a report by Walt Street Gurna, the White House is considering reducing customs duties on China to between 50 and 65%.
Since the start of his second presidential term in January, Trump has launched a commercial battle with Beijing, after which the percentage of American fees imposed on many Chinese products reached 145%. China responded by imposing fees on American goods by 125%.
The fierce trade war shaken between the two largest economic powers in the world, the markets, and fears of global economic stagnation have exacerbated.
“Very high” level
Trump acknowledged on Tuesday that the level of US customs duties on China is “very high”, pointing out that it will “decrease significantly” after reaching an agreement.
Trump’s comments come after US Treasury Secretary Scott Bessent warned that the current customs confrontation is not sustainable, noting that high customs duties may negatively affect the American and global economies.
For its part, China responded to expressing its willingness to resume commercial talks, stressing that “the door is wide open” to negotiate with Washington, but stressed the need for negotiations to be managed in a spirit of “mutual respect.”
The change in Trump’s tone indicates a desire to reduce trade tensions, especially in light of the increasing economic pressures. With China’s willingness to negotiate, there may be a real opportunity to reach an agreement that ends the trade war between the two largest economies in the world.
Chinese Foreign Ministry spokesman Goo Jiakoun stressed at a press conference in Beijing today, Wednesday, that “any party will not come out victorious” in commercial wars and customs duties.
He added: “We do not want to enter a battle, but at the same time we are not afraid to fight,” adding that China “will fight to the end” if it is forced.
But he warned that “saying on the one hand that they want to reach an agreement with China, while on the other hand, they continue the maximum pressure is not the right way to deal with China.”
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Harm on the commercial system
In a related context, Chinese President Xi Jinping said today, Wednesday, that customs and commercial wars undermine the law and legitimate interests of all countries and harm the multilateral trade system and leave an impact on the global economic system.
Xinhua quoted Xihua as saying during a meeting with Azerbaijani President Ilham Aliyev in Beijing that China is ready to work with Azerbaijan to protect the international system.
