BEIJING: China on Thursday said “new points of consensus” have been reached in its current trade talks with the US ahead of President Donald Trump’s planned visit to Beijing, which was postponed due to the escalating conflict in West Asia.
China and the US have agreed to continue making good use of their economic and trade consultation mechanism to strengthen dialogue and communication, China’s Commerce Ministry said on Thursday.
The ministry’s spokesperson, He Yongqian, while responding to a question on the recent China-US economic and trade talks in Paris, said both sides engaged in candid, in-depth and constructive consultations on issues of mutual interest, including tariff arrangements, promoting bilateral trade and investment, and maintaining the existing consensus from earlier consultations.
"Some new points of consensus were reached, and both sides agreed to maintain consultations," He said at a media briefing here.
The two parties also agreed to explore the establishment of working mechanisms to expand economic and trade cooperation, continue to make good use of the China-US economic and trade consultation mechanism, strengthen dialogue and communication, properly manage differences, and expand practical cooperation to advance the sustained and steady growth of bilateral economic and trade relations, the spokesperson said.
The talks were held between the US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Paris ahead of Trump’s planned visit to Beijing later this month.
Trump previously scheduled to visit Beijing, the first by a US president since 2017, from March 31 to April 2.
But Trump said on Monday he had to postpone it.
“Because of the war, I want to be here, I have to be here, I feel. And so we’ve requested that we delay it a month or so,” Trump said.
Observers say the postponement of his trip was a relief of sorts for China, which is a close ally of Iran, as Trump, along with Israel, launched the war against Tehran, killing most of its leaders, including Supreme Leader Ayatollah Khamenei.
While condemning US-Israeli airstrikes, China, however, went ahead with preparations for Trump, with Paris trade talks focusing on a trade deal to remove heavy tariffs on Chinese goods.
According to reports, trade talks between the two countries focused on China increasing purchases of American soybeans, coal, oil, and Boeing jetliners, while the US pressed for access to Chinese rare earth minerals, specifically yttrium for aerospace applications.
China went ahead with talks even after expressing "solemn concern" over the Section 301 investigations into Chinese industrial capacity and forced labour, which could lead to new tariffs.
Under an interim deal last year, the US reduced tariffs on Chinese goods to 30 per cent while China responded by reducing tariffs on US products to 10 per cent.