China has said it’s ready to talk with the United States about trade, just a day after U.S. President Donald Trump hinted that the high tariffs on Chinese goods might be reduced soon.
Speaking on Wednesday, China’s Foreign Ministry made it clear that they are open to discussions. “There are no winners in tariff wars and trade wars,” said spokesperson Guo Jiakun. “The door for talks is wide open.
“This follows Trump’s comments on Tuesday, where he told reporters that while tariffs on Chinese imports won’t go up to the previously discussed 145%, they also won’t go down to zero. “It’ll come down substantially,” he said, “but it won’t be zero.”
These statements brought some relief to global markets, which have been unsettled by ongoing trade tensions between the world’s two largest economies.
Trump also made it clear that he has no plans to remove U.S. Federal Reserve Chair Jerome Powell, despite past criticisms. “I see the stock market increased pleasantly today,” Trump added, suggesting improved investor confidence.
China and the U.S. have been imposing steep tariffs on each other’s goods in recent months. The U.S. had increased tariffs over concerns related to China’s role in the fentanyl crisis and alleged unfair trade practices. In response, China slapped 125% tariffs on American products.
Chinese President Xi Jinping also spoke on the issue, warning that trade wars harm all countries and damage the global economic system.With both sides now showing signs of a softer tone, there is renewed hope that a trade deal might be on the horizon.