China and the United States have mapped out a framework to implement their consensus and bring bilateral trade ties to the right track after concluding two days of “candid and in-depth” talks in London, which analysts said would help de-escalate tensions between the world’s two largest economies. While it might still require some patience before a final agreement is reached, analysts said the talks were a good sign of steadying bilateral ties and injecting much-needed certainty into the world economy. He Lifeng, Chinese Vice Premier and lead person for China-U.S. economic and trade affairs, said the U.S. should resolve trade disputes with China through equal dialogue and mutually beneficial cooperation. During the talks in London, the two delegations reached an agreement in principle on implementing the important consensus reached by Presidents Trump and Xi during their phone call on June 5 and the trade talks held last month in Geneva, Switzerland, when the U.S. and China reached a 90-day truce in their tariff escalations.
However, since the talks in Geneva, the White House announced new non-tariff restrictions, including stopping sales of computer chip design software to China, warning against using chips made by Chinese tech company Huawei, and canceling visas for Chinese students. Ahead of the meeting in London, the Chinese Ministry of Commerce (MOFCOM) said it had approved some applications for rare earth export licenses. Vice Premier He noted that the essence of China-U.S. economic and trade relations is mutual benefit and win-win cooperation. Cooperation in economy and trade brings benefits to both sides, while conflict hurts them both, He said, stressing that there are no winners in a trade war, and China does not wish to engage in one, but neither does it fear doing so.
The U.S. should work with China to honor its words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, He said. The two sides should maintain communication and consultation, and steer China-U.S. economic and trade relations toward steady and sustained development, in order to inject more certainty and stability into the world economy, He added. The positive sentiments among Chinese and U.S. negotiators point to a shared willingness to keep the trade talks afloat and strive for a comprehensive agreement that benefits both economies and the world at large, the China Daily reports.
