Both the US and China are on the verge of an expensive trade dispute, and they both have put high tariff rates on each other’s imported goods.
Donald Trump, the president of the US, has even threatened to put severe tariffs on 325 billion dollars of products, which is supposed to cover consumer goods like cellphones, computer, and clothing.
Although China has decided to keep their principles intact even under immense US pressure.
What is China’s point of view?
Wang, The Chinese president, said that the Chinese follow three principles.The principle of mutual respect means that both parties must respect each other’s decisions.
The principle of equality and mutual benefit means that the decisions of consultations must be beneficial for both the sides while meeting each other halfway suggests that both the parties must have the audacity to make compromises and sacrifices and not just one party.
Although Wang remained silent when he was asked about the commitments he would like to make to win a trade deal with Trump.
It is not easy to crack a trade deal, and so a lot of preparations are being made for the Xi- Trump meeting. Rising tariffs and duties has severely affected the global economy, which has increased economic and financial risks.
There are evident signs of reversal of old monetary policies in developed countries due to this economic crisis, Chen Yulu vice governed of the central bank of China said.
As of now, the Chinese hope that Us removes the unilateral actions taken by them. Against the Chinese companies so that there is free trade in the world trade organization.
The trump administration, on the other hand, has put charges on China regarding failure to protect intellectual property rights, involuntary technological transfers.
China has always opened its market for foreign trade and has provided them with the best services and treatment.
It has refused all the allegations put on them regarding the failure of protection of intellectual rights and of forcing the foreign companies to surrender their technology.
It will be exciting to see the conclusion derived from the XI -Trump meeting now.