China said on Monday that it hoped to strike a trade accord with the US "as soon as possible", in the midst of intensive negotiations before new tariffs on Chinese imports take effect at the end of the week.
Beijing hopes it can reach an economic harmony with Washington that suits both parties, Assistant Trade Minister Ren Hongbin disclosed during a media briefing late Monday.
"We hope that on the topic of China-US trade negotiations, both sides will be able to push forward discussions on the basis of fairness and mutual respect, taking into account the core interests of each other, to reach an understanding that will satisfy both sides as soon as possible," said Ren.
Easing Tensions
The two economic superpowers are negotiating a so-called 'Step One' deal to de-escalate their protracted trade dispute, but it is not yet clear if such an agreement can be reached in the near term. The next round of tariffs on Chinese goods is scheduled to kick in on December 15.
In addition to canceling the December 15 tariffs on some $156 billion of its remaining exports to the United States, China has requested that some of the new US tariffs imposed on its exports worth about $375 billion be withdrawn.
US President Donald Trump has called for China to agree to clear minimum purchases of US agricultural products, including compromises on intellectual property rights, currency, and access to the financial services markets of China.
White House economic adviser Larry Kudlow said on Friday that the two countries had been talking almost weekly, but at the moment there were no arrangements for face-to-face negotiations between Trump and Chinese President Xi Jinping.
Deadline Looms
With less than a week to go before the deadline in the middle of "intense" talks, Kudlow said Trump will make the final tariff decision, hitting Chinese-made cellphones, computers, toys, and clothes.
"We are going to have to see, but we are moving along right now," Trump said last week. "Something could happen on December 15, but we are not talking about it yet. However, we're having very good discussions with China."
Stocks in the US were down on Monday after a sharp decline in Chinese exports to the US, showing the effects of the trade friction between the two nations.
On Wall Street, the Dow Jones Industrial shed 105.5 points or 0.5 percent to 27909.5. The S&P 500 dropped to 3135.8 with 9.95 points or 0.3 percent, while the NASDAQ Composite retreated 8621.4 with 34.7 points or 0.4 percent.
