China is carefully evaluating recent overtures from the United States to initiate trade negotiations, potentially marking a significant step towards resolving a trade war that has rocked global financial markets and cast a shadow over the global economy. According to a statement from the Chinese commerce ministry, senior US officials have reached out "through relevant parties multiple times" in recent days, seeking to start talks with China on tariffs.
While assessing the situation, Chinese authorities reiterated Beijing's long-standing request for the US to "correct its wrongdoings" by removing all unilateral tariffs imposed on Chinese goods. Failure to do so would be seen as a lack of sincerity from Washington and would further erode mutual trust between the two nations, the statement warned.
"If the US wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs," the statement emphasized. The US has imposed tariffs of 145% on imported Chinese goods this year, prompting China to retaliate with tariffs of 125%. Despite the tensions, both sides have sought to mitigate the economic impact of tariffs by granting exemptions on certain critical products.
The development comes as the world's two largest economies continue to grapple with the fallout from their trade war, which has already led to a decline in global trade and a rise in uncertainty among businesses and investors. A successful trade negotiation would be seen as a major breakthrough, potentially paving the way for a thaw in relations and a boost to global economic activity.