Recently, Cui Tiankai—Chinese Ambassador to the U.S.—said that the U.S. negotiators have “frequently” backed out on biased trade deals at the last minute. Cui said to Fox News, “If we analyze the process of trade discussions between the two nations in the last year or so, it is very clear it is the U.S. side that multiple times changed its mind overnight and broke the uncertain deal already reached.” Cui said, as a result, China has a “take your time” attitude to resuming trade negotiations with the U.S. The talks amid the two largest economies globally have stopped after each nation enforced high tariffs on the other’s imports, and China is apparently considering canceling the upcoming round of summits in Beijing, even before the U.S. formally accepted the invitation. Steven—Treasury Secretary—has seemed open to agreeing to China’s invitation to bring a US delegation.
Cui said, “China is ready to carry on talks with our American colleagues to attain a conclusion. Our doors are still open.” Earlier, Xi Jinping—Chinese President—said that his country is starting on a “new Long March,” suggesting that China does not anticipate the trade war to end soon. Once the talks broke down previously in this month, the U.S. President Donald Trump surged US levies from 10% to 25% on $200 Billion worth of Chinese products. To that China quickly responded by raising tariffs on $60 Billion of the U.S. goods to 25%.
On a similar note, the trade war is pushing China to “rethink its economic ties” with the U.S. Reportedly, China is exploring more severe action as an outcome of its trade spat with the U.S., as reported by the South China Morning Post. While China is ready to resume the trade talks, “administration advisers are now emphasizing the peril of sourcing significant supplies from an increasingly intimidating US and are exploring new ways for the country to trim its exposure to the U.S.,” the paper stated citing Chinese researchers.