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China and US to return to negotiating table after escalation of trade conflict

UNITED STATES, WASHINGTON (OBSERVATORY) — US President Donald Trump said that China is ready to return to the negotiating table and the parties will begin to speak very seriously, CNBC reports.

“Last night, China called our leading trade negotiators and said,“ Let’s go back to the table, ”so we go back to the [negotiation] table, and I think they want to do something. They were hit hard, but they understand that it’s right, and I respect it very much. This is a very positive event for the whole world,” said Trump, speaking at the G7 summit in French Biarritz.

“I think we’ll make a deal,” the US president added. “They have incredibly complicated supply chains, and people all leave, and they go to other countries, including the United States.”

Meanwhile, in Beijing, Foreign Ministry Spokesperson Gen Shuang said he was not aware of a telephone conversation between the two sides.

“I don’t want to talk about calls,” Trump said. “We had top-level calls, but I don’t want to talk about it.”

According to Vesti.Ekonomika , Trump said on Twitter on Friday that the United States would increase duties on Chinese imports in response to China imposing duties on US goods.

Starting October 1, duties on Chinese imports worth $ 250 billion will be raised to 30% from the current 25%. In addition, from September 1, duties will be introduced on the remainder of Chinese goods in the amount of $ 300 billion in the amount of 15% instead of 10%.

This will be in response to China’s decision to introduce additional duties on US goods worth $ 75 billion per year.

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