China’s communist regime said on May 23 that it would continue talks with the U.S. government to stabilize their bilateral relationship as both sides work to resolve trade disputes.
The officials also exchanged views on U.S.-China relations and agreed on the need to continue to maintain communication, the ministry stated, without providing further details.
90-Day Pause
The two nations agreed in Geneva, Switzerland, on May 12 to establish a mechanism for further discussions on economic and trade issues. The aim was to de-escalate trade tensions that resulted from the imposition of substantial tariffs on each other in recent months.As a result, the U.S. reciprocal tariff rate on Chinese imports dropped from 145 percent to 30 percent, while China lowered its tariffs on U.S. goods from 125 percent to 10 percent.
President Donald Trump imposed those tariffs on imports from China and other trade partners in an effort to close trade deficits and address what he described as unfair trade practices against the United States.
On May 21, the U.S. delegation at the World Trade Organization (WTO) urged member states to address failures in commercial relations that it said had led to huge trade deficits, and called for urgent reforms to the WTO system.
“The multilateral trading system, as currently constructed, has been unable to address the serious challenges that face the system,” the delegation said in a statement.
The United States claimed that WTO members had not addressed severe trade imbalances and non-market policies that it described as contrary to WTO principles.