China has asked the US to meet in halfway in order to salvage the countries trade deal. According to Reuters, the Chinese government spokesperson from the Commerce Ministry, Mr. Geo Fend told media representatives about their proposal in Beijing today.
– The US side has given many labels recently, backtracking. China sets great store on trustworthiness and keeps its promises and this has never changed, he told today and said that China has asked the US to meet in halfway.
The US has said it will rise tariffs related to chemicals, building materials, furnitures and consumer electronics, if the trade negotiations fail. The new tariffs would come into effect on Friday at 12.01 am (0401 GMT) if not agreed before. The tariffs would concern around 200 billion dollars worth of Chinese goods.
The global stock markets have declined because of the situation and it is widely expected that the sell-off will continue in risk assets tomorrow if there is no agreement or settlement.