Ahead of a highly anticipated meeting between Chinese President Xi Jinping and his US counterpart Donald Trump, trade tensions between the two countries continue to grow.
China’s Ministry of Commerce has reacted to two new orders by US President Donald Trump calling for an investigation into trade abuses so as to reduce the US trade deficit.
The reality, cause and possible impact for the US trade deficit with China are well understood by both countries, the Chinese Ministry said in a statement on Saturday.
“China is willing to cooperate with the United States on a basis of equality and mutual benefit,” a Chinese MOC spokesperson said.
The two countries are at odds over trade and cyber-security.
Beijing has said US trade reviews “targeting” China and other surplus countries must follow international rules.
“As the world’s top two economies, China and the United States have a special mission in promoting global trade and investment, as well as global economic prosperity. China is willing to work alongside the United States to enhance dialogue and properly address disagreements on the basis of mutual benefits and cooperation,” the MOC statement added.
Trump signed executive orders on Friday aimed at investigating possible abuses causing large US trade deficits.
Earlier this year in Davos, Chinese President Xi Jinping warned other countries against blindly pursuing their national interests, in an apparent reference to the “America first” policies of Trump.
The two presidents will hold their first face-to-face talks next week in Florida.
Trump had campaigned on a promise to confront China more aggressively on trade, including by levying new tariffs on goods from abroad.
Chinese President Xi Jinping, while battling for free trade has also warned of a broader backlash against globalization.
“In the coming five years,China will import $8tn of goods, attract $600bn of foreign investment, make $750bn of outbound investment, and Chinese tourists will make 700 million outbound visits,” Xi Jinping said at the UN General Assembly earlier this year.
China, the world’s top exporter, is heavily dependent on free trade.