High-ranking representatives from the US and China have begun trade talks in Stockholm. The negotiations began on Monday and are expected to last two days.
The talks are being attended by US Treasury Secretary Scott Bassett and Chinese Vice Premier He Lifeng, who oversees economic policy.
The US and China have been in talks since May, when the two sides agreed to significantly reduce mutual additional tariffs and suspend a 24% customs tariff for 90 days.
Last month, the countries signed a document agreeing on measures such as easing restrictions on exports of rare earth metals.
On Bloomberg TV last Wednesday, Bassett stressed that expanding US agricultural exports to China is one of the key issues. In an effort to reduce its trade deficit, the US is likely to demand that China open its market.
China is expected to demand that the Trump administration lift the tariff measures.
The US and China set August 12 as the deadline for suspending the 24% tariff. Bassett pointed out that the Trump administration may extend it for another 90 days. The extension will also be discussed during the trade negotiations.
The new round began just one day after the conclusion of an important trade agreement between the US and the EU, which gives the negotiations with Beijing particular significance.
The AFP news agency notes that Washington is seeking a global reformatting of trade priorities.
Meanwhile, US President Donald Trump, while on holiday in Scotland, emphasised: “We have a good relationship with China, but China is tough. We are all tough, yes, but we will see what happens… I would like China to open up its country.”
In response to Trump’s remarks, the Chinese side also expressed its readiness for open dialogue. Chinese Foreign Ministry spokesman Gao Feng said: “We hope for reciprocity in trade relations and want to conduct negotiations based on mutual respect.” According to him, Beijing is committed to “reducing misunderstandings, strengthening co-operation and promoting stable, healthy and sustainable development of relations between China and the US.”
