The US and China have been locked in a bruising trade war since Trump imposed heavy tariffs on imported steel and aluminium items from China in March last year, a move that sparked fears of a global trade war.
Ahead of President Xi Jinping's meeting with his American counterpart Donald Trump this week, China on Monday said that it would not agree to any trade deal with the US at the expense of its sovereignty and both sides should make compromises to break the deadlock over the issue.
"Indeed during the Osaka summit, the leaders of China, Russia and India will have a trilateral meeting. The mechanism of China, India, Russia trilateral meeting has maintained a sound momentum of development," Zhang said at a press conference.
At a time when the world is witnessing trade wars across nations, India too will be impacted.
Ministry's spokesman Gao Feng told reporters that the heads of the two economic and trade teams would hold trade talks according to instructions passed down from the Presidents of the two countries.
US President Donald Trump Tuesday said he will hold an extended meeting with his Chinese counterpart Xi Jinping on the sidelines of the G-20 summit in Osaka, Japan next week, amid the ongoing trade war between two of the world’s largest economies.
China's state media on Monday announced that Xi will be on a two-day visit to North Korea from Thursday, becoming China's first President to visit the reclusive Communist state in 14 years.
Indian markets may gain on Wednesday as US President Donald Trump signaled an easing of US-China trade tensions.
In a dialogue at Huawei's headquarters in Shenzhen with US futurist George Gilder and Nicholas Negroponte, Huawei CEO Ren Zhengfei compared the firm to a "badly damaged" plane, estimating that the company's revenues could miss targets by around $30 billion this year and the next but he expects a revival in 2021.
Samsung Electronics Co. has been facing a double whammy of a weak memory chip and smartphone market, as well as uncertainties from a trade war between the US and China.
"We're taking in billions and billions of dollars. Companies are leaving China right now and they're coming here because they don't want to pay the tariffs.
Union Minister Piyush Goyal has called for de-escalating trade tensions and reviving confidence in the rules-based multilateral trading system.
The US and China are locked in a bitter, year-long trade dispute which has seen the Trump administration recently boost tariffs on USD 250 billion of Chinese goods.
"I don't know how China can do this because I'll be honest, we are getting hundreds of millions of dollars brought into our country. We've never gotten USD 0.10. We are getting hundreds of billions of dollars coming into our country," said Donald Trump.
In a letter signed by 170 companies, including Nike and Adidas, they said the President's decision to lift import tariffs to 25 per cent will disproportionately impact the working class, the BBC reported.
Noting that imports from China, subject to new tariffs, are down significantly, the coalition said countries from which GSP imports of products on China Section 301 lists have increased the most in the first quarter of 2019.
"China does not want or wish for a trade war but by no means it is afraid of one. If someone brings war to us we will fight it to the end. We will never succumb to any external pressure. We have the resolve and capability to defend our legitimate legal rights and interests," Geng said
China on Monday increased tariffs on USD 60 billion worth of US goods in a tit-for-tat to America's move to raise tariffs on USD 200 billion worth of Chinese imports, saying Beijing will not "succumb to foreign pressure".
The White House said talks would continue on Friday between top Trump administration officials and Chinese negotiators, said The New York Times.
Investor sentiment dampened after weaker-than-expected economic data from the US and Europe last week stoked fears of a global slowdown. The trade worries between the US and China too added to the worries, brokers said.
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