Chinese Foreign Minister Wang Yi said Tuesday that Beijing and Washington must take bilateral ties forward with wisdom and conviction, stressing that China will not close the door on its own economy, according to Reuters.
The trade row between the world’s two largest economies erupted in June 2018 when the administration of US President Donald Trump imposed the first round of its additional trade duties on China, prompting Beijing to respond in kind. Since then, the sides have exchanged several rounds of duties and are engaged in the talks to settle their disagreements.
Earlier in September, Trump said that his administration would delay imposing an additional five percent tariffs on $250 billion worth of Chinese imports until 15 October.
The US-China trade war has, meanwhile, hit the global economy, threatening to cut global GDP growth by 0.8 percent next year and is already driving worldwide manufacturing to levels comparable to those during the financial crisis of the previous decade, according to the IMF.
US Treasury Secretary Steve Mnuchin earlier this month claimed that the US economy would not be affected by the ongoing trade war with China and asserted that there were no signs of an impending recession.