China to issue white paper on trade talks with US on Sunday

Titled "China's Position on the China-US Economic and Trade Consultations", the document will be released at news conference on June 2, 2019.
Titled "China's Position on the China-US Economic and Trade Consultations", the document will be released at news conference on June 2, 2019.PHOTO: DPA

BEIJING (BLOOMBERG) - China said it will lay out its position on trade talks with the US in a white paper and hold a rare press conference on the issue on Sunday (June 2), an announcement that came hours after it implemented retaliatory tariff increases against the US.

The document, titled China's Position On The China-US Economic And Trade Consultations, will be released at 10 am on Sunday.

Wang Shouwen, Vice-Commerce Minister, will also take questions from the press, according to a statement by the State Council Information Office.

The release comes after China’s retaliatory tariffs on the US officially kicked in on Saturday, affecting more than 2,400 goods that face levies of up to 25 per cent, compared with the previous charges of 10 per cent.

On Friday, China, the world’s second-largest economy, said it will establish a list of “unreliable” entities that harm the interests of domestic companies, which could affect foreign enterprises as trade tensions escalate.

The announcement follows a ban imposed by the Trump administration on business with China’s telecom giant Huawei.

Bloomberg reported on Friday that Beijing has a plan to restrict exports of rare earths to the US if it needs to.

 

Markets have been roiled by the threats and rhetoric on trade, with the S&P 500 having its worst month of May in seven years. Investors are now looking to a possible meeting between US President Donald Trump and Chinese President Xi Jinping at the end of the month at the G20 Summit in Osaka for a possible rapprochement and easing of trade tensions.