US 'Misunderstood' Mutual Interests, 'Underestimated' China's Endurance - Report

US President Donald Trump urged China earlier on Saturday to quickly conclude a trade deal.

China's Global Times newspaper said Sunday in an editorial that China "will never make concessions on major issues of principle". According to the Chinese state-run media, the reason for the trade dispute between two nations is that "the US has made a fundamental misjudgment, that is, believing China is unilaterally benefitting from China-US economic and trade relations".

Moreover, "the US has misunderstood the interests of both sides, and seriously underestimated China's endurance", according to Global Times.

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"The US side blamed China for putting up obstacles for the trade talks and said that China went back on its word. What the Chinese Vice Premier said has allowed the truth to come out. The truth is, Washington tried to bring up terms that either harmed the sovereignty and dignity of China, or that were seriously unequal and unrealistic. Those requests have made the negotiations more difficul", according to Global Times.

"We believe that the decision made by the US to raise tariffs is overly impulsive, but the US knows that both the American and global public were hopeful about the prospects of China and the US reaching a trade deal", Global Times said.

The sides have been trying to overcome their disagreements that emerged in the wake of US President Donald Trump’s decision to impose 25 per cent tariffs on Chinese goods worth of $50 billion in a bid to fix the US-Chinese trade deficit last June. Since then, the sides have exchanged several rounds of trade duties.

On Thursday, US trade tariffs on $200 billion worth of Chinese goods were increased from 10 per cent to 25 per cent. US President Donald Trump also ordered tariffs to be raised on all remaining US imports from China, which are valued at around $300 billion. China said it was forced to retaliate against US pressure.

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However, the US president has hinted that the tariffs may be removed depending on the results of the future trade talks.

Meanwhile, the recent round of US-Chinese trade talks concluded Friday without any agreement, but the sides have agreed to meet for the next round of negotiations in Beijing.

Chinese Vice Premier Liu He said after his recent trade talks with the United States that he was confident in the sustainable and healthy development of the Chinese economy despite the pressure imposed on it.

READ MORE: High-Level Trade Talks With China Fail, While Tariffs Double