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    China names its trade-deal price

    Synopsis

    Vice-Premier Liu He said in order to reach an agreement, the US must remove all extra tariffs.

    WASHINGTON/BEIJING: China for the first time made clear what it wants to see from the US in talks to end their trade war, laying bare the deep differences that still exist between the two sides.

    In a wide-ranging interview with Chinese media after talks in Washington ended Friday, Vice-Premier Liu He said in order to reach an agreement, the US must remove all extra tariffs, set targets for Chinese purchases of goods in line with real demand and ensure that the text of the deal is “balanced” to ensure the “dignity” of both nations.
    Liu’s three conditions underscore the work still to be done if an accord is to be reached between the world’s two largest economies. President Donald Trump’s own negotiators told China it has a month to seal a deal or face tariffs on all its exports to the US.

    That threat was made during talks Friday in Washington, hours after Trump upped the ante by imposing a second round of punitive duties on $200 billion in Chinese goods. China vowed retaliation, but hadn’t announced any details as of Saturday evening in Beijing.

    US Trade Representative Robert Lighthizer said the administration would on Monday release details of its plans for tariffs on an additional $300 billion in imports from China, setting the process in motion for Trump to deliver on the threat to hammer all Chinese trade.

    US officials insist they have been working on a deal that would bring an end to what they portray as China’s rampant theft of American intellectual property and rein in the industrial subsidies that have fuelled the rapid ascent of Chinese corporate giants.


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    Subscribe to The Economic Times Prime and read the ET ePaper online.

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