China open to partial US trade deal as long as Donald Trump does not impose new tariffs, official says
- Official signals that Beijing is hoping to limit the damage to its economy but does not expect final deal to be reached in latest round of talks
China is still open to reaching a partial trade deal with the US, an official with direct knowledge of the talks said, signalling that Beijing is focused on limiting the damage to the world’s second-largest economy.
Negotiators heading to Washington for talks starting on Thursday are not optimistic about securing a broad agreement that would end the trade war between the two nations for good, said the official, who asked not to be named as the discussions are private.
But China would accept a limited deal as long as no more tariffs are imposed by President Donald Trump, including two rounds of higher duties set to take effect this month and in December, the official said.
In return, Beijing would offer noncore concessions like purchases of agricultural products without giving in on major sticking points, the official said, without offering further details.
S&P 500 futures rose 0.9 per cent on the news and the offshore yuan extended gains. Separately, the Financial Times reported that China is offering to increase purchases of American soybeans to 30 million tonnes annually from 20 million presently, citing people briefed on the talks.