China and the United States are ready for a new round of trade negotiations
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After the collapse of trade negotiations between the two global economic powers in May, they imposed additional tariffs on each other, which not only broke the good faith commitment, but also made a combination of public evils.
The United States accused China of reneging on its commitment to amend the law to implement economic reform, while China described U.S. President Trump's tariff measures as "brutal". Both Chinese and American leaders are now vowing to prepare for a long-term struggle, even though the domestic economy is slowing down.
The following is the current status:
** Meet when the promise has been broken **
The working level of the Sino-US economic and trade team will hold consultations in mid-September to prepare for the high-level consultation between American Trade Representative Lethizer, US Treasury Secretary Nuchin and Vice Premier Liu He of the State Council in early October. Both sides agreed to create favorable conditions for the negotiations, but did not give specific details.
Neither side hinted that it would adjust its previous position. The insistence of both sides led to a deadlock in May, when Beijing revised the draft trade agreement and deleted the words referring to the revision of China's laws.
U.S. officials had previously said that the resumption of negotiations would depend on whether China would return to the original text of the agreement in May, but there was no sign that China had agreed to take this step.
China has pointed out that there are still three main differences in trade negotiations between the two sides. These include abolishing tariffs imposed in trade wars, reducing the size of Chinese purchases from the United States to help reduce trade imbalances between the two countries, and the need for a "balanced" text for any trade agreement.
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