China Anticipates Improvement in US Trade Relations... Tariff Removal and Mutual Respect for Benefits

China Emphasizes 67% Increase in US Agricultural Imports Last Year
US Attacks on Advanced Industries, Yuan Internationalization, and Human Rights Issues Will Continue

[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese Ministry of Commerce has asserted that trade negotiations with the United States should be conducted on an equal footing. It emphasized that the U.S. side must abolish punitive tariffs to achieve this.

On the 14th, according to Chinese state-run Xinhua News Agency and Global Times, the Chinese Ministry of Commerce hinted at the possibility of a meeting between trade negotiation representatives of China and the U.S., urging the withdrawal of tariffs on Chinese goods.

Photo by Global Times capture

The Chinese Ministry of Commerce stated, "The U.S. tariffs on Chinese goods are not beneficial to the U.S., China, or the world," and emphasized, "The China-U.S. trade relationship is essentially mutually beneficial to both countries." It further reiterated, "We must resolve each other's reasonable concerns through dialogue based on mutual respect and equality."

The Global Times analyzed that this stance from the Chinese Ministry of Commerce indicates that both the U.S. and China have a willingness to engage in dialogue, signaling that the bilateral trade relationship is returning to normal.

Chen Fengying, a researcher at the China Institute of Contemporary International Relations, said, "U.S. Secretary of State Tony Blinken recently believes that U.S. alliances have been restored after meetings with the G7 (Group of Seven), India, Australia, and South Korea," adding that this means the U.S. is ready to start trade talks with China.

The Global Times also mentioned China's implementation of the Phase One trade agreement. It highlighted that last year, China imported 162.74 billion yuan (25.21 billion dollars) worth of U.S. agricultural and livestock products such as soybeans and pork, an increase of 66.9% compared to the previous year. Despite the COVID-19 situation, China increased its purchases of U.S. agricultural and livestock products.

China had agreed to purchase an additional 200 billion dollars' worth of U.S. goods and services over two years from 2020 to 2021 compared to 2017 during the Phase One agreement implementation period. However, due to the impact of the COVID-19 pandemic and other factors, China's purchases of U.S. goods did not meet the original targets.

There is considerable expectation this year from the U.S. side regarding China's expansion of purchases of U.S.-made products. Greg Gilligan, chairman of the American Chamber of Commerce in China, said, "Unlike last year, the economy is recovering significantly this year," and added, "We expect China to purchase more U.S.-made products."

The Global Times, citing experts, pointed out that despite the improving atmosphere in bilateral trade relations, vigilance should not be relaxed regarding the U.S. 'Endless Frontier Act.' This law provides the basis for investing more than 110 billion dollars over five years in advanced industries such as artificial intelligence (AI), semiconductors, quantum computing, biotechnology, and new energy. The media stated, "This law is defined as a measure to check China's advanced industries, which also means that China's science and technology have developed significantly."

Researcher Chen added, "There is room for improvement in China-U.S. trade relations," but also noted, "The U.S. will take various measures to contain China, including checks on China's high-tech sector, blocking the internationalization of the yuan, and slandering China's human rights."

This content was produced with the assistance of AI translation services.