China calls virtual trade talks with US ‘constructive’


Chinese Vice Premier Liu He had a “constructive” virtual dialogue with US Treasury Secretary Janet Yellen on Tuesday, during which the two sides agreed to better coordinate macro policies, according to China’s Commerce Ministry.

Hina also expressed concern about the additional tariffs the United States had imposed on Chinese goods in a “pragmatic and frank exchange,” the ministry said in a statement.

The U.S. Treasury Department agreed in its own statement, saying the exchange was “open and substantive,” but made no mention of China’s concerns about U.S. tariffs.

US President Joe Biden is about to decide whether to ease US tariffs on China, in part to ease inflation, which he says is a top priority.

There has been disagreement over tariff easing within the Biden administration, and Yellen had said some tariffs on China inherited from former President Donald Trump’s administration “make no strategic sense”.

“The Chinese side has expressed concern over issues such as the lifting of additional tariffs and sanctions imposed by the United States on China and fair treatment of Chinese companies,” the Chinese ministry said.

“Both sides have agreed to continue dialogue and communication.”

Asian equities edged higher Tuesday morning as signs of easing tensions between China and the US provided some respite for the market’s recent sell-off. A Wall Street Journal report that Biden may ease tariffs this week to curb inflation also boosted sentiment. The MSCI index of Asia-Pacific stocks outside Japan rose 0.3%.

In its statement, the Treasury said Yellen had “frankly” raised worrisome issues, including the impact of Russia’s war on Ukraine on the global economy and unfair and unmarketable Chinese economic practices.

The Chinese statement made no mention of the war in Ukraine, but Liu and Yellen believed the current global economy faces “grim” challenges.

The invitation to the video call came from the US Treasury Secretary, according to the ministry.

US National Security Adviser Jake Sullivan said at the G7 summit in southern Germany on June 27 that Biden and Chinese President Xi Jinping are expected to speak in the next few weeks. China calls virtual trade talks with US ‘constructive’

Fry Electronics Team

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