President Trump has recently stated that negotiations between the White House and Beijing are currently moving forward.
After a two month halt, the two countries now intend resume communications in anticipation of activating previously proposed tariffs. Talks between some of the countries’ respective officials will be held in an attempt to halt the tariffs and try to find some kind of agreement.
At a White House meeting, Trump stated:
We’re talking to China, they very much want to talk. They just are not able to give us an agreement that is acceptable, so we’re not going to do any deal until we get one that’s fair to our country.”
China’s Vice Minister of Commerce, Wang Shouwen, will soon meet with the U.S.’ Under Secretary of the Treasury for International Affairs, David Malpass.
Representatives from the two countries last met in June. The upcoming meeting will hopefully lead to a follow-up meeting between higher-level U.S. and Chinese officials.
Officials will apparently discuss what China will offer in exchange for the trade wars’ termination. China is expected to offer lower import tariffs and better protection for U.S. intellectual property. Most importantly, China will discuss efforts to stop its agencies from forcefully acquiring technology from U.S. companies.
U.S. National Economic Council Director, Larry Kudlow, addressed the recent negotiations in a statement. Kudlow said:
It’s a good thing that they’re sending a delegation here — we haven’t had that in quite some time. The Chinese government in its totality must not underestimate President Trump’s toughness and willingness to continue this battle to eliminate tariffs and non-tariff barriers and quotas to stop the theft of intellectual property and to stop the forced transfer of technology.”
So far, the U.S. has implemented tariffs on $34 million worth of Chinese goods, with another $16 billion set to be implanted next Thursday. The Chinese team doubts that they will reach an agreement by that time, and believes that tangible progress will be reached in a future meeting.
