‘We want to work for a ‘phase one’ agreement on the basis of mutual respect and equality’: Chinese President Xi Jinping sends positive signals on an initial deal to defuse U.S.-China trade war
BEIJING/WASHINGTON - The leaders of the United States and China on Friday both underscored their desire to sign an initial trade deal and defuse a 16-month tariff war that has lowered global growth, providing a welcome boost to financial markets.
The S&P 500 and Dow Jones indexes eked out gains on Friday after the comments by Trump and Xi, reversing losses triggered earlier in the week by reports that a truce could slip into next year. Global financial markets retreated this week on fresh fears that the trade talks could flounder, unnerved by reports that Trump could sign into law two bills backing protesters in the Chinese-ruled city of Hong Kong.
FILE PHOTO: Containers are seen at the Yangshan Deep Water Port in Shanghai, China August 6, 2019. REUTERS/Aly Song “Both the United States and China should strengthen their communication over strategic issues and avoid misunderstanding and misjudgment,” it quoted Xi as saying during a meeting with former U.S. Secretary of State Henry Kissinger in Beijing.China has invited top U.S. trade negotiators for a new round of face-to-face talks in Beijing, the Wall Street Journal said, citing unnamed sources. It added that Beijing hoped the talks could take place before next Thursday’s U.S. Thanksgiving holiday.
“Otherwise, this is an entirely one-sided exercise, and I’ve never known the Chinese to negotiate one-sided deals to their disadvantage,” she said at a group interview on the sidelines of the Bloomberg forum.
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