China Urges US To Meet It ‘Halfway’ For A Trade Deal

A container ship is shown at port in Long Beach California

A container ship is shown at port in Long Beach California

Despite warnings from the International Monetary Fund that his trade war is slowing global growth and growing signs that the USA may be headed for recession, Trump has shown little sign of easing off against China although trade talks are due to resume next month. Those are due to go ahead on more than $100 billion of Chinese goods despite the Trump administration's decision to postpone some other planned increases to mid-December.

On Wednesday, Chinese Foreign Ministry spokesman Geng Shuang said he hopes that the United States and China can "get along" and resume "mutually beneficial" trade.

"We hope the United States and China can meet each other halfway and find a solution, " Gao said.

President Trump called himself "the chosen one" Wednesday in referring to his role confronting China for chronic USA trade deficits that his predecessors didn't tackle. But they have to make a deal that's fair to us.

But Washington insists they would stay for a while to ensure that Beijing walks the talk.

United States and Chinese negotiators are due to meet in September in Washington. Last month's meeting in Shanghai brought no results, and the date of next round of face-to-face talks has not been announced.

The US president, who seems somewhat anxious over fears of a recession and volatility in financial markets because of tit-for-tat tariffs imposed on hundreds of billions of dollars of imports between the US and China, has claimed that he will take on China even if it causes some short-term economic pain in the US, including a recession.

Negotiators talked by phone August 13 and agreed to talk again within two weeks, Gao said.

A payroll tax cut to add money to workers' pockets was taken off the table Wednesday by President Trump - who said the economy was healthy enough without it. He gave no details of the conversation.

The United States has imposed 25 percent tariffs on $250 billion of Chinese products.

In unusually blunt language, the blog post seemed targeted straight at President Trump, who has persistently demanded that the Federal Reserve cut interest rates to weaken the USA dollar and juice the economy, while imposing round after round of tariffs on China to reduce the deficit he describes as theft.

"If the United States goes ahead willfully, it will have a serious negative impact on US businesses and consumers", Gao said.

Trump earlier announced plans to impose 10 percent duties on $300 billion of Chinese goods, extending penalties to nearly everything China sells the United States.

U.S. tariffs on China would not fix the trade deficit, and neither will weakening the United States dollar through interest rate cuts, it said on Wednesday.

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