China Blinks as Asian Markets Tank, Seeks 'Calm' End to Trade War

|
|
Posted: Aug 26, 2019 7:30 AM
China Blinks as Asian Markets Tank, Seeks 'Calm' End to Trade War

Source: AP Photo/Andy Wong, File

China announced Monday it was looking for a “calm” end to the ongoing trade war with the United States. The change in tone comes after Asian markets tanked and China’s currency dropped to an 11-year low after the Trump administration’s most recent round of tariffs on $550 billion in Chinese goods.

"We are willing to resolve the issue through consultations and cooperation in a calm attitude and resolutely oppose the escalation of the trade war," Vice Premier Liu He said Monday, according to Reuters. "We believe that the escalation of the trade war is not beneficial for China, the United States, nor to the interests of the people of the world."

Trump said Monday at the G-7 summit that China told the U.S.’s top trade people it was ready to “get back to the table.”

“They want to make a deal,” he said, reports The Wall Street Journal. “That’s a great thing.”

China’s foreign ministry spokesman Geng Shuang was “not aware” of a call but said “trade disputes between China and the U.S. should be resolved through dialogue.”

News of the possible opening in negotiations came shortly after President Trump threatened to declare a national emergency that would result in American businesses freezing their relationships with China. Trump's tariff barrage on Friday was a response to China imposing its own retaliatory tariffs on $75 billion in U.S. goods.

At the Group of Seven summit in France on Sunday, White House officials rejected suggestions the president was wavering and insisted that his only regret was not implementing even more tariffs on China. Trump wrote on Twitter that world leaders at the G-7 were "laughing" at all the inaccurate media coverage of the gathering. (FoxNews.com)

On Monday, Trump expressed his optimism for continued trade talks with China.