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China says both U.S., China should make compromises in trade talks

Credit: Reuters Studio
Published on June 24, 2019 - Duration: 01:02s

China says both U.S., China should make compromises in trade talks

Both China and the United States should make compromises in trade talks, Chinese Vice Commerce Minister Wang Shouwen said on Monday, ahead of a much anticipated meeting between the Chinese and U.S. presidents at this week's G20 summit in Japan.

Ciara Lee reports

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China says both U.S., China should make compromises in trade talks

It's G20 summit week but for markets at least, it might as well be another round of trade talks Investors on Monday looked for direction from the G20 nations gathering in Japan The meeting will bring U.S. and Chinese leaders together, after a long lull in talks.

China has said talks between the two countries' trade teams were already underway but gave no details.

(SOUNDBITE) (Mandarin) CHINESE VICE COMMERCE MINISTER WANG SHOUWEN, SAYING: "Mutual respect means each side must respect the other's sovereignty.

Equality and mutual benefit means the consultations have to happen on an equal basis, the agreement to be reached has to be beneficial for both sides.

Meeting each other half way means both sides have to compromise and make concessions, not just one side." The two countries are in the middle of a costly trade dispute and have slapped increasingly severe tariffs on each other's imports.

China has vowed to not give in on issues of principle nor under U.S. pressure.

Donald Trump has threatened to put tariffs on another $325 billion of goods covering nearly all the remaining Chinese imports into the U.S That would include consumer products such as mobiles, computers and clothing.

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