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China hopes for positive results from US talks at the G-20 summit

Key Points
  • China is hoping for "positive results" in resolving a trade dispute with the United States at a G-20 summit in Argentina, the commerce ministry said.
  • The comments came ahead of a closely watched meeting between the Chinese and U.S. leaders.
  • U.S. President Donald Trump and Chinese President Xi Jinping are due to hold trade talks on the sidelines of the G-20 summit in Buenos Aires on Saturday.
Lintao Zhang | Pool | REUTERS
Lintao Zhang | Pool | Reuters

China is hoping for "positive results" in resolving a trade dispute with the United States at a G-20 summit in Argentina, the commerce ministry said on Thursday, ahead of a closely watched meeting between the Chinese and U.S. leaders.

U.S. President Donald Trump and Chinese President Xi Jinping are due to hold trade talks on the sidelines of the G-20 summit in Buenos Aires on Saturday.

Asked if China was seeking to prevent more U.S. tariffs at the high-stakes meeting, the ministry's spokesman, Gao Feng, said economic teams from both sides were in contact to implement a "consensus" reached by Trump and Xi in a phone call this month.

"I hope that the United States and China could move towards each other and work hard to achieve positive results in the meeting," Gao said, without giving any details.

The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China's unfair trade practices, with the 10 percent tariffs set to rise to 25 percent next year.

A Reuters poll on Wednesday showed China's factories likely struggled to grow for a second straight month in November as cooling demand at home and the threat of higher U.S. tariffs stifled new orders.

"The Chinese side has repeatedly stressed that the essence of Sino-U.S. economic and trade cooperation is about mutual benefit and win-win," Gao said.

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Key Points
  • The Trump administration's widening trade war will raise prices for U.S. consumers, but it won't bring back many manufacturing jobs that have moved overseas.
  • That's what more than 800 companies said in a survey released Thursday by IHS Markit, a London-based economics research firm.
  • Instead, more than 4 in 10 companies surveyed plan to raise prices to offset the higher cost of production.
  • Just 1 in 10 said they plan to reduce the share of total output produced outside the U.S. Roughly the same number said the tariffs would encourage them to move more jobs offshore.