In what could be a positive step in re-building US-China trade ties, the top negotiator of China has said the two sides had “candid discussions” on various issues, and they had reached a preliminary “consensus”. The officials, who are there in Kuala Lumpur, Malaysia for the summit of Association of Southeast Asian Nations (ASEAN), said they discussed fentanyl and export controls.
Speaking about the development, China‘s top trade negotiator Li Chenggang, said, “There were fluctuations in US-China trade relations in the past months”, and added that “China didn’t want to see fluctuations”.
“We talked about solutions to handle issues properly. US, China will enhance communication,” he added. However, he added, that Beijing stands firm in “safeguarding interests”.
This was after Li, alongside Vice Premier He Lifeng, held talks with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer to de-escalate a trade war between the two sides. However, details of the a possible deal is not out.
Meanwhile, in an interview NBC, Bessent said US and China will now be able to discuss more balanced trade to “avoid 100% tariffs on Chinese goods“.
“China is ready to make a trade deal,” he told the channel.
US’ 100% tariffs on China
US President Donald Trump recently announced 100% tariff on Chinese goods, along with new export controls on “any and all critical software” by November 1, nine days before existing tariff relief was set to expire. He added that it was not sustainable, but blamed Beijing for the latest impasse in trade talks that began with Chinese authorities tightening control over rare earth exports.
Asked whether such a high tariff was sustainable and what that might do to the economy, Trump replied, “It’s not sustainable, but that’s what the number is.”
“They forced me to do that,” he said in an interview with Fox Business Network that was broadcast on Friday.
