China says no ongoing industry talks with the U.S., requires canceling ‘unilateral’ price lists

BEIJING — China on Thursday mentioned that there have been no ongoing discussions with the U.S. on price lists, regardless of indications from the White House this week that there can be some easing in tensions with Beijing.

“At present there are absolutely no negotiations on the economy and trade between China and the U.S.,” Ministry of Commerce Spokesperson He Yadong instructed newshounds in Mandarin, translated through CNBC. He added that “all sayings” referring to growth on bilateral talks must be brushed aside.

“If the U.S. really wants to resolve the problem … it should cancel all the unilateral measures on China,” He mentioned.

U.S. President Donald Trump and Treasury Secretary Scott Bessent this week indicated that there could be an easing in tensions with China. The White House previous this month added 145% price lists on Chinese items, to which Beijing answered with tasks of its personal and larger restrictions on crucial minerals exports to the U.S.

The trade ministry’s feedback echoed the ones of Chinese Foreign Ministry Spokesperson Guo Jiakun, who mentioned on Thursday afternoon that there have been no ongoing talks, in keeping with state media.

Both spokespersons held to the legit line that China can be prepared to speak to the U.S. topic to Beijing being handled as an equivalent.

“China definitely wants to see the trade war deescalate, as it hurts both economies,” mentioned Yue Su fundamental economist, China, at The Economist Intelligence Institute. “However, due to the inconsistency of Trump’s policies and the lack of clarity around what he actually wants, China’s strategy has shifted from focusing on ‘what you need’ to ‘what I need.’ Their request for the U.S. to cancel ‘unilateral’ tariffs reflects that shift.”

China previous this week threatened countermeasures towards nations that may make offers with the U.S. on the expense of Beijing’s pursuits.

“We also need to recognize that this is a ‘whatever it takes’ moment for China in terms of U.S.-China relations,” Su mentioned. “I wouldn’t be surprised if China adopts a more hawkish stance if the U.S. continues to escalate tensions.”

Several Wall Street banks have reduce their China GDP outlook in the previous couple of weeks in mild of the price lists and escalating tensions with the U.S.

The Commerce Ministry on Thursday emphasised executive and trade efforts to lend a hand firms promote items supposed for exports to the Chinese marketplace as an alternative.

“From China’s perspective, any meaningful negotiations will likely require the US to reduce tariffs to the previous 20% or even lower level,” mentioned Jianwei Xu, senior economist for Greater China, at Natixis.

“But for the Trump administration, however, reducing tariffs too far could raise uncomfortable questions: What was the point of the confrontation if we end up back where we started?”

The U.S. is China’s biggest buying and selling spouse on a single-country foundation. But within the final a number of years, Southeast Asia has surpassed the European Union to grow to be China’s largest buying and selling spouse on a regional foundation.