Washington: Asserting that US-China bilateral trade is “critical to the world economy”, a top Chinese diplomat said Beijing has kept its door open for trade talks with the Trump administration, as the two top global economies are locked in a trade war.
Addressing a joint press conference here Friday, Chinese State Councilor Yang Jiechi said, “According to the US-China Business Council, trade and economic relations with China help every American family save $850 annually and creates as many as six million jobs in this country.”
Secretary of State Mike Pompeo, US Defence Secretary James Mattis and Chinese Minister of National Defence Wei Fenghe were also present at the press conference.
China and the US are currently locked in an ongoing trade war as each country has introduced tariffs on goods traded between each other. Trump has promised to fix China’s “longtime abuse of the broken international system and unfair practices”.
“Our (China-US) trade and economic relations are mutually beneficial by nature and have delivered tangible gains to both the countries and its people. As part and parcel of the global industrial chain, China-US trade and economic relations help allocate resources globally in a more efficient way, hence it is critical to the world economy,” Yang said.
He said the trade issues that exist between America and China are due to different economic structures and development stages in the two countries.
“These issues can be resolved through dialogue and consultation. A trade war, instead of leading to any solution, will only end up hurting both sides and the global economy,” Yang said.
“The Chinese side has kept the channel of dialogue open. The door to negotiations remains open,” the top Chinese diplomat said and expressed hope that the two sides find a “mutually acceptable solution” to the ongoing trade issue.
US President Donald Trump and his Chinese counterpart Xi Jinping are scheduled to meet in Argentina later this month on the sidelines of the G-20 Summit.
Pompeo, while interacting with the media, said, “President Trump has made it clear that the US seeks a constructive and results-oriented relationship with China grounded in fairness, reciprocity and respect.”
He also hoped for cooperation from the Chinese government and energy companies to address Iran’s nuclear missile programmes.
“Bringing Iran’s oil export revenues to zero is a critical component of this campaign,” he said.