China state paper says trade deal possible at G20 if U.S. ‘fair minded

Adam Jourdan November 30, 2018

SHANGHAI (Reuters) – China and the United States can reach a trade agreement at the G20 meeting in Argentina this week, the state-run China Daily newspaper said in an editorial on Friday, but Washington must be “fair minded” if it wants to defuse spiraling tensions.
“Beijing wants a deal, just as Washington does. And it is willing to cooperate with Washington in dealing with concerns about trade if they are fair-minded,” the paper said.

“Should there be any other aspirations, such as taking advantage of the trade spat to throttle Chinese growth, then an agreement is unlikely to be reached.”

World leaders started arriving on Thursday in Buenos Aires ahead of the gathering of the Group of 20, where global trade tensions, fueled by U.S. President Donald Trump’s trade war with China, are expected to dominate the agenda.

Financial and commodities markets are closely watching the outcome of the summit, especially a planned meeting between Trump and Chinese President Xi Jinping on Saturday, though the outcome is far from certain.

Trump sent mixed signals on Thursday about the prospects for a trade deal with China, saying an agreement was close but he was not sure he wanted one. China’s commerce ministry said on Thursday it was hoping for “positive results”.

Peter Navarro, Trump’s hardline trade adviser, will attend the meeting between the leaders, a U.S. official told Reuters. Another official said Navarro’s addition was meant to send a message to China about the administration’s resolve on trade. Navarro has advocated a tough stance against Beijing.

The China Daily editorial said even if a deal were struck it was unlikely to be a comprehensive solution to the trade impasse due to “diverging demands and agendas”. It cited tensions over Chinese technological development, a focus of U.S. concern.

“However, it should be feasible for some kind of agreement to be reached to prevent the dispute worsening if both sides are reasonable,” it said.

The rising tensions have seen the two countries hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymieing trade and redrawing global supply chains.

The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China’s unfair trade practices, with the 10 percent tariffs set to climb to 25 percent next year. China has responded with its own tariffs.

Reporting by Adam Jourdan; Editing by Michael Perry

Source: Reuters “China state paper says trade deal possible at G20 if U.S. ‘fair minded’”

Note: This is Reuters’ report I post here for readers’ information. It does not mean that I agree or disagree with the report’ views.

16 Comments on “China state paper says trade deal possible at G20 if U.S. ‘fair minded”

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  8. AHT says:

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  9. peter valbonne says:

    USA will never want a real Trade deal with China because USA’s aim is to destroy China inorder to stop China for being an economical threat to USA once and for all.
    Also, China’s “make in 2025” is not negotiable, so, USA will not want any trade deal at all.


  10. Steve says:

    Deal or no deal, the US will continue to incur trade losses with China. In fact, the US has larger trade imbalances with other countries besides China on a per capita basis. In a trade war with China, the US will find it harder to import cheap high quality merchandise from other countries. The US are weary of its massive trillion Dollars treasury debts. Should the top 10 to 15 countries sell off their US treasury bonds in a global economic crisis, America will sink into a financial chaos worst than the 2008 subprime.

    China is developing it’s economic belt and road initiatives and the 21st century maritime silk road involving infrastructure developments and investments. What has America got under development.? The US will soon lose it’s economic leadership to China. Insofar, China has been plodding along with US trade war terrorism, but I don’t think China is about to cave in to Trump’s demands. Also, this could be Trump’s last G20 meeting before losing his presidency.