China says both Xi Jinping and Donald Trump must agree to offer concessions during their meet at G20 Summit
The Vice Minister of Commerce of People’s Republic of China – Wang Shouwen has said that both United States (U.S.) and China must agree to compromise on certain conditions, if they want to strike a fruitful and long-lasting trade deal.
Speaking ahead of the G20 Summit in Osaka, Japan, where President of China – Xi Jinping is scheduled to meet the President of U.S. – Donald Trump, Wang Shouwen said that China should not be the only side ready to offer concessions in the U.S. – China trade deal. The deal should be negotiated in terms of equality, respect for each other’s sovereignty and the rules of World Trade Organisation (WTO) that benefit both the sides.
Addressing the Press, Wang Shouwen said, “We should meet each other halfway, which means that both sides will need to compromise and make concessions, and not just one side.”
Wang Shouwen had also called on President Trump to remove the ban on Huawei Technologies Co. Ltd. and other Chinese firms so that they get equal opportunity in the U.S. market.
Speaking on trade restrictions for Chinese firms in U.S. – Wang Shouwen added, “The US’ restriction of its own exports will not do any good to the trade balance [between China and the US]. It will hurt both Chinese and American companies, as well as disrupting the international trade order and technology exchange. We hope the US side can cancel these unilateral measures that target Chinese companies and remove them.”
Both Trump and Xi Jinping had held a telephonic discussion recently which was followed by Donald Trump making a tweet which said, “Had a very good telephone conversation. Would be having an extended meeting.”
Besides, Vice-Premier of China – Liu He, the U.S. Trade Representative – Robert Lighthizer and U.S. Secretary of Treasury – Steven Mnuchin are likely to meet in Osaka on Tuesday, June 25, 2019. With an eye on upcoming meeting of the 2 Presidents, the Vice-President of U.S. – Mike Pence had called off a planned speech where he was supposed to criticize human rights in China.
On the sidelines of the G20 Summit, Xi Jinping will also hold a meet with Prime Minister of India – Narendra Modi and President of Russia – Vladimir Putin to discuss global economy. Xi Jinping will also meet leaders of Brazil and South Africa.
Earlier in May 2019, U.S. has increased tariff on Chinese goods worth U.S. $ 200 billion, from 10% to 25%. In response, China also increased tariff on U.S. goods worth U.S. $ 60 billion, from 10% to 25%, from June 1, 2019. China has also accused U.S. of promoting economic terrorism.
