China reveals how it intends to resolve trade war with US

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BEIJING – China hopes to settle its trade dispute with the United States “with a calm and rational attitude,” Deputy Asia Trade Minister Wang Shouwen said two weeks after the start of a new round of talks between the parties.

Washington and Beijing have been in trade war for over a year, with reciprocal billions of dollars of tax on each other’s assets. Confrontation between the world’s largest economies has shaken financial markets and threatened global growth.

A new round of talks by senior officials on both sides will take place in the US capital from October 10-11, led by the Chinese side by President Xi Jinping’s chief economic adviser, Deputy Prime Minister Liu He.

Wang, who was part of China’s negotiating team in the conflict, told a news conference that Liu will travel to Washington to take part in negotiations that will take place the week after the Chinese National Day festivities, which end on October 7.

The Chinese Vice Minister of Commerce said his country hopes to find ways to resolve its differences with Washington.

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“We believe this will benefit people from countries and around the world,” he added.

President Donald Trump’s government would be considering radical new tactics of financial pressure on Beijing, including the possibility of excluding Chinese companies from local stock exchanges.

Sources said on Friday the move would be part of a broader effort to limit US investment in Chinese companies amid growing security concerns about their activities.

Days ago, the United States has sanctioned five citizens and six Chinese entities for allegedly helping Iran circumvent US sanctions, the US Treasury Department reports.

On Wednesday, the Treasury Department said in a statement that the new sanctions were imposed on the Concord Petroleum Company as well as shipping companies that would have helped export Iranian oil, thereby violating Washington’s sanctions.

In turn, US Secretary of State Mike Pompeo has declared that the US will continue to impose more restrictions on Iran.

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