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China, US agree to address core concerns in trade talks

China, US agree to address core concerns in trade talks

BEIJING: Top trade negotiators of China and the United States discussed solving issues regarding each other’s core concerns and reached consensus on properly addressing related issues in a phone call on Tuesday morning, the Ministry of Commerce said.

Analysts said they hope both governments will further enhance mutual trust and seal a partial agreement, as a new study indicated that the US is absorbing the cost of hefty tariffs imposed on Chinese goods. On Tuesday morning, Vice-Premier Liu He spoke by telephone with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin, the ministry said in a brief statement.

They reached consensus on properly addressing core concerns and both sides agreed to maintain communications on remaining issues in the phase-one deal, according to the statement. The talks followed a “constructive” phone conversation earlier this month.

Wei Jianguo, Vice-Chairman of the China Centre for International Economic Exchanges, said, “Protectionism and beggar-thy-neighbour policies can no longer be sustained. The world should move towards stability, cooperation and mutual benefit.” ‘China-US trade war to ease but conflicts will persist’

He said mutual trust should be enhanced so the international community can better understand China’s reforms and opening up and become more willing to cooperate with China.

Wei said he has confidence that China and the US, the world’s two largest economies, will be able to strike a deal and get back on track.

Dong Yan, a research fellow at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, said, “Mutual trust is an essential factor for resolving China-US trade issues.”