China says ready for talks with US on trade dispute

China is ready to hold talks with the United States to resolve the ongoing trade dispute between the world’s two largest economies, Vice President Wang Qishan said on Tuesday, according to media reports.

“Both China and the US would love to see greater trade and economic cooperation,” Wang said, speaking at a conference in Singapore.

Beijing is ready to have discussions with the US on issues of mutual concern and “work for a solution on trade acceptable to both sides,” he said.

“Negativity and anger are not the way to address the problems that have emerged in economic globalization, nor will barriers or disputes help solve one’s own problems,” Wang said. “Instead they would only exacerbate global market turbulence.”

Wang’s comments echoed remarks by Chinese President Xi on Monday that Beijing will embrace greater openness, as trade tensions escalate with the US.

China and the US have introduced tit-for-tat duties on each other’s goods in recent months, in a trade dispute that has severely hit global financial markets.

US President Donald Trump has accused China of intellectual property theft, entry barriers to American businesses, and a large trade deficit.

Washington  launched an investigation into Beijing’s trade policies last year and has steadily imposed duties on Chinese products from this year.

So far, the US has imposed three rounds of tariffs on Chinese goods in 2018, totaling more than $250 billion.

The tariffs range from 10 to 25 percent and cover a wide range of consumer and industrial items.

Trump has since threatened to hit another $267 billion worth of goods with duties, meaning all Chinese imports could be subject to tariffs.

China has retaliated against the measures, imposing tariffs on $110 billion worth of American goods.