Trade talks between the United States and China should be equal and mutually beneficial, Chinese Vice Commerce Minister Wang Shouwen said, adding that he hoped the two countries can find ways to manage their differences through dialogue. US President Donald Trump and his Chinese counterpart Xi Jinping are expected to hold talks during the G20 summit in Buenos Aires next week as trade ties between the world's two largest economies become increasingly fraught. Wang, speaking at a press conference in Beijing, said he hoped both sides could move in the same direction and find ways to resolve their problems. Officials from both countries are in close contact under guidance from their leaders, he added.
Washington wants Beijing to improve market access and intellectual property protections for U.S. firms, cut industrial subsidies and slash a US$375 billion (RMB 2.6 trillion) trade gap. Trump has imposed tariffs on US$250 billion (RMB 1.73 trillion) of Chinese imports to force concessions. The US tariff rate on US$200 billion (RMB 1.3 trillion) in Chinese goods is set to increase to 25 percent from 10 percent on Jan 1. Trump has threatened to impose tariffs on all remaining Chinese imports - about US$267 billion (RMB 1.85 trillion) more in goods - if Beijing fails to address US demands. Trump said that he hoped he can make a deal with China when he meets Xi.
The high-stakes meeting comes as the Trump administration shows little sign of backing down in its demands and rhetoric. Washington said that China has failed to alter its "unfair" practices at the heart of the US-China trade conflict, in an update of the US Trade Representative's "Section 301" investigation into China's intellectual property and technology transfer policies. China rejected the fresh US accusations of perpetuating "unfair" trade practices and urged Washington to stop making provocations.