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Investing.com - China is open to beginning trade talks with President Donald Trump’s administration, but is demanding that the White House show more respect and stem disparaging remarks about its cabinet members, according to Bloomberg News.
Citing a person familiar with the Chinese government’s thinking, Bloomberg also reported that Beijing would like to see a more consistent U.S. position on trade and a willingness to discuss Chinese concerns around sanctions and Taiwan.
China is also keen for the U.S. to select a point person for discussions who has both Trump’s backing and can help prepare a deal that the president and his counterpart Xi Jinping can sign when they meet in the future, Bloomberg added.
Most importantly for Chinese officials, the U.S. must conduct any talks with China with respect, Bloomberg noted. Crucially, the report said Beijing believes that Trump has enough control over his officials that any harsher statements from them must be condoned by the president.
This comes after U.S. Vice President JD Vance said earlier this month that the U.S. trades with "Chinese peasants," a remark that drew widespread condemnation from China.
On Tuesday, Trump reiterated calls for China to reach out to him by phone in order to start negotiations, although the aggressive trade moves by the White House have been viewed as giving Xi room to rebuff the president’s demands.
S&P 500 futures erased some of their earlier losses in the wake of the report, while the offshore yuan strengthened against the dollar.
China and the U.S. -- the world’s two largest economies -- have been engaged in an escalating trade war that remains a major source of worry for global investors. Washington has slapped a 145% tariff on imports from China, sparking a 125% retaliatory levy from Beijing.
But the White House has recently temporarily halted duties on a range of electronics, such as smartphones and computers, that largely come from China.