China hopes for US trade pact as tariff hike nears

BEIJING (AP) — A Chinese official said Beijing wants a prompt settlement of its trade war with Washington.

A deputy commerce minister said yesterday that Beijing wants “satisfactory results as soon as possible.” The official gave no details of talks on a “Phase 1” deal announced by United States (US) President Donald Trump in October.

Another US tariff hike on USD160 billion of Chinese imports is due to take effect on Sunday. China announced last Friday it was carrying out a promise to waive punitive tariffs on American soybeans.

Trump alarmed global financial markets last week when he said he might be willing to wait until after next year’s presidential election to reach a settlement.

Chinese parents and their children shop for toys at the American toy store FAO Schwarz at the capital city’s popular shopping mall in Beijing on December 7. PHOTO: AP