China Expresses Interest in Strengthening Trade Ties with the U.S.

China has expressed its willingness to engage in active dialogue and enhance economic and trade relations with the United States based on mutual respect. Wang Shouwen, China’s Vice Minister of Commerce, shared this sentiment during a press conference in Beijing on Friday, according to Reuters.

Wang emphasized China’s resilience in handling external pressures while expressing confidence in maintaining a stable, friendly, and sustainable economic relationship with the U.S. His remarks came in response to questions about the potential impact of President-elect Donald Trump’s anticipated tariff policies.

“China is ready to expand areas of cooperation and resolve differences with the U.S.,” Wang stated, signaling Beijing’s openness to constructive discussions.

Trump has previously threatened to impose tariffs exceeding 60% on Chinese goods, causing concerns among Chinese manufacturers, some of whom have relocated factories to Southeast Asia and other regions. A Reuters survey suggests that the U.S. could impose tariffs on approximately 40% of Chinese products next year, potentially reducing China’s economic growth by 1%.

On Thursday, China unveiled a new policy aimed at boosting foreign trade, including financial support for businesses and pledges to increase agricultural exports.

Despite lingering effects from measures implemented during Trump’s previous administration, such as tariffs and the pandemic’s economic impact, China’s yuan has shown resilience. The currency initially appreciated by 10% during Trump’s first term but later declined by nearly 12%.

Liu Wei, an official from China’s central bank, stated that the yuan’s exchange rate is expected to remain stable within a reasonable and balanced range. He also reiterated the central bank’s commitment to curbing excessive fluctuations and maintaining market stability.

Meanwhile, Chinese firms are increasingly focusing on dollar reserves to mitigate currency risks. Reuters noted that these efforts could help address various financial challenges and stabilize trade dynamics between the world’s two largest economies.