China hopes for trade war solution at Xi-Trump talks

China said yesterday it hopes US President Donald Trump and Chinese leader Xi Jinping can find a solution to the trade war when they meet at the G20 summit next week. The talks in Argentina come as the two countries have failed to reach any agreement to resolve a dispute that escalated after Trump slapped huge tariffs on Chinese goods, prompting tit-for-tat responses.

“We hope that both sides can work together on the basis of mutual respect, balance, honesty, and mutual benefit and finally find a solution to solve the problem,” Wang Shouwen, Chinese vice minister of commerce, said at a press briefing in Beijing. Wang said global trade faces a “complex situation”, with “unilateralism and protectionism on the rise” creating uncertainty for economic development.

China hopes the G20 will uphold its backing of multilateralism at the summit, which will take place from November 30 to December 1 in Buenos Aires. Beijing also backs reform of the World Trade Organization to enhance its authority and effectiveness, he said. Trump said Thursday he was “very prepared” for the meeting with Xi. Washington has threatened to toughen measures even further if the issue is not resolved before January.

“China wants to make a deal. If we can make a deal, we will,” Trump said. The United States has imposed punitive tariffs on Chinese goods worth $250 billion per year. In retaliation, China imposed tariffs on $110 billion of US goods.