China is ready to coordinate with the US to resolve the two sides’ core concerns on the basis of equality and mutual respect, and at the same time endeavor to reach a phase 1 agreement, said China’s Commerce Ministry spokesman Gao Feng. said. "This is consistent with the interests of both sides and the world," Mr. Phong added.
Analysts warn that the prolonged US-China war will increase the risks to the global economy . In fact, trade war is destroying global supply chains and adversely affecting business investment confidence .
Trade experts and people close to the White House said the completion of the first phase agreement could be carried over to next year because Beijing is forcing the United States to lift tariffs on a large scale while the US government protests in advance. China’s claims are too high.
Global capital markets plunged today on concerns that the Phase 1 deal will be delayed. The US-China trade war pushed the yield of 10-year US Treasury bonds to the bottom in the past 3 weeks. The renminbi also weakened against the greenback.
Beijing officials previously proposed Chinese President Xi Jinping and US President Donald Trump to sign a trade deal in early December.
At this time, the focus of attention on the market is focusing on whether the US will impose tariffs on US $ 156 billion of Chinese goods as expected on December 15, because this package brings a range of Christmas items such as electronic products and decorations are taxable.
In his evening speech on November 20 in Beijing, Chinese Deputy Prime Minister Liu He said he was "cautiously optimistic" about the first phase agreement with the US, Bloomberg quoted the source as attending the event.
Deputy Prime Minister Liu He, head of trade negotiations with the US, spoke to one of the attendees that he was still "confused" by US requests, but believed that the first phase agreement would is completed, according to Bloomberg.
Answering questions about the backlog related to the US asking China to buy large quantities of agricultural products and removing tariffs, China’s Commerce Ministry spokesperson said he could not say anything but the two sides would keep negotiating and "outside rumors are inaccurate".
According to former Chinese Deputy Trade Minister Wei Jianguo, the two sides should return to the starting line before starting the trade war.
"We should look back on the core issue and abolish all tariffs," Wei Wei added.
The former deputy minister also placed great hopes on the first phase agreement to ease the pressure facing the two economic superpowers due to war.
Mr. Trump himself is now well aware of what is needed for the upcoming US election and the US economy has suffered a lot of losses (due to war). "Under these circumstances, it is entirely possible for the two sides to reach agreement," Wei said.
The new disagreement between Washington and Beijing is that the US House of Representatives has just passed a bill to support protesters in Hong Kong. This disagreement could threaten the US-China trade process and delay the first phase agreement that investors are looking forward to.
The US House of Representatives yesterday passed a draft bill (human rights and democracy) to support protesters in Hong Kong and broadcast a warning to China on human rights issues in the hope that President Trump will sign the committee. act law.
Responding to the US move, Chinese Foreign Ministry spokesman Canh Shuang said at a press conference today : "We ask the US to stop taking action before it’s too late and take measures to prevent a draft bill. It became a legal document, and stopped interfering in the internal affairs of Hong Kong and China. ”
"If we continue on the wrong path, China will take measures to retaliate," Mr. Canh stressed.
The complex wave of protests and escalating violence in Hong Kong over the past few months has raised concerns that Beijing will take strong measures to prevent instability in Hong Kong.
President Trump will have 10 days including Sunday to consider signing for enactment or vetoing the Hong Kong-veto legislation that Congress has passed.
