China has said the talks held with the United States “laid the foundations” in order to resolve China and the US trade dispute, two countries considered as the world’s two largest economies.
China’s commerce ministry said the negotiation talks in Beijing during this week were ‘extensive, deep and detailed”.
According to news reported by BBC, the United States has highlighted China’s pledge to import (purchase) more of agriculture including many other goods from the US, without giving any specifics. None of both countries have provided any details over when both sides will meet again for further negotiations.
The midlevel talks have been concluded on Wednesday in Beijing. They were not expected to provide a final deal but however, expressed little progress between the nations that have buoyed the global stock markets later this week.
In an official statement, the US trade representative said the talks were “focused on China’s pledge to purchase a substantial amount of agricultural, energy, manufactured, and other products and services from the United States”. The statement said they both agreed to maintain closure ties and contact.
The Chinese commerce ministry said the talks have “established a foundation for the resolution of each others’ concerns”.
Last year, the US had imposed a tariff worth $250 billion on Chinese goods. In retaliation, China responded to the US tariff by slapping a tariff on the US goods worth $110 billion.