China: Both sides should compromise in trade war

A top Chinese official on Monday said the U.S. and China should compromise to resolve their trade dispute, Reuters reported.

“Mutual respect means each side must respect the other’s sovereignty,” Chinese Vice Commerce Minister Wang Shouwen said.

“Equality and mutual benefit means the consultations have to happen on an equal basis, the agreement to be reached has to be beneficial for both sides.”

{mosads}“Meeting each other half way means both sides have to compromise and make concessions, not just one side,” he added.

Wang’s comments reportedly came at a briefing on the Group of 20 summit in Japan, where President Trump and Chinese President Xi Jinping will meet later this week.

Trade negotiations between the two countries collapsed last month, prompting Trump to increase tariffs on $250 billion in Chinese products while threatening tariffs on an additional $300 billion in goods if Xi does not meet with him at the summit.

China responded by increasing tariffs on $60 billion in U.S. imports.

Reuters noted that Wang, a member of China’s negotiating team, said Monday that his country’s principles are clear: mutual respect, equality and mutual benefit and meeting each other halfway.

The U.S. has accused China of stealing trade secrets and forced technology transfers, both of which China has denied being involved in.

Wang declined to answer a question about what specific compromises Xi may offer to win a trade deal with Trump, according to the news service.