China, US Trade Leaders Reach Consensus on 100-Day Plan
Feng Difan
/SOURCE : Yicai
China, US Trade Leaders Reach Consensus on 100-Day Plan

(Yicai Global) May 24 -- Trade wars are not in America nor China's interests, said US Trade Representative Robert Lighthizer in a meeting with Zhong Shan, China's Commerce Minister.

The US welcomes the consensus reached on a number of topics covered by the Initial Actions of the US-China Economic Cooperation 100-Day Plan, and is ready to work with China to tackle issues in bilateral economic and trade relations, he said on the sidelines of the 23rd Ministers Responsible for Trade Meeting at the Asia-Pacific Economic Cooperation on May 21.

Both sides should strengthen cooperation and manage trade disputes, said Zhong, adding that the pair should also encourage new development and progress in bilateral economic ties.

US President Donald Trump's administration is more practical and focuses on real benefits, said Zhou Shijian, a senior research at Tsinghua University's Center for US-China Relations. There are still frictions between the two nations, particularly the trade deficit, he added.

Historically, the US government has a habit of asking trade partners to substantially strengthen their currencies to help the US reduce its trade deficit, and China needs to be ready to tackle this issue, Zhou said. Trump's cabinet is likely to discuss the matter with China, and ask it to up the value of the yuan in order to cut exports to the US.

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Keywords: Trade , Economy