China reaches initial trade consensus with U.S.

Li Chenggang, China’s Vice Minister of Commerce and International Trade Representative, said on Sunday evening:

“During the trade and economic negotiations in Malaysia, we reached a preliminary understanding with the United States. The American side adopted a firm stance, and China is resolutely defending its own interests.”

According to China Central Television (CCTV), Li emphasized that “China and the United States held in-depth and candid discussions on trade and economic issues during this meeting.”

China’s Ministry of Commerce also stated that both sides agreed to maintain close cooperation on trade and economic matters of mutual interest.

In a statement, the ministry said: “Under the strategic guidance of the leaders of both countries, the two sides agreed to make full use of the China–U.S. economic and trade consultation mechanism, to maintain close cooperation on trade and economic issues of mutual concern, and to promote the healthy, stable, and sustainable development of China–U.S. economic and trade relations — for the benefit of both nations and global prosperity.”

The trade talks took place in Kuala Lumpur, Malaysia, from October 25 to 26, with the Chinese delegation led by Vice Premier He Lifeng and the U.S. delegation headed by Treasury Secretary Scott Besant.

These remarks from the Chinese side came shortly after U.S. President Donald Trump said on Saturday that Washington might offer certain concessions to China in order to ease trade tensions between the two economic rivals.