China says successful US trade talks make return to tariff war unnecessary.
China wants to bring its trade ties with the U.S. back to a stable footing, its commerce minister said, adding that recent talks in Europe showed there was no need for a tariff war while urging the U.S. to act in a manner befitting of a superpower.
Commerce Minister Wang Wentao told reporters on Friday that the “ups and downs” in the two countries’ relationship underscored their economic interdependence.
Asked about the United States specifically, Wang said: “Major countries should act like major countries. They must shoulder their responsibilities,” adding that China would protect its national interests.
China is facing an August 12 deadline to reach a durable tariff agreement with the United States, after Beijing and Washington reached a preliminary deal last month to end weeks of escalating tit-for-tat tariffs.
If no deal is reached, global supply chains could face renewed turmoil from duties exceeding 100%.
Wang said negotiations in Geneva and London earlier this year demonstrated there was no need to return to a trade war.
China’s rare earths exports rose 32% month-on-month in June, customs data showed on Monday, in a sign that agreements struck last month in London to free up the flow of the metals were possibly bearing fruit.
Source: Reuters