Chinese Vice Premier Liu He said the new negotiations would resume in Beijing, while vowing no compromise on major principles.
*Earlier on the same day, after two hours of negotiations on the second day, both heads of US and Chinese delegation Steven Mnuchin and Liu He trade talks between the two sides took place in the spirit of construction. ““They were constructive discussions between both parties, that’s all we’re going to say”, Treasury Secretary Steven Mnuchin told media.
*The US President Donald Trump's administration on the same day officially announced the imposition of a new tariff rate, an increase from the current 10% to 25%, for goods worth US$200 billion imported from China. In addition, the US government announced it would expedite the imposition of a new tax on goods worth US$325 billion imported from China if the two sides failed to reach a trade agreement.
*In immediate response to the US tariff increase, Chinese Vice Premier Liu He affirmed that China believes raising tariffs is not a solution to the problem, but harmful to China, to the United States and to the whole world. He said that the Chinese delegation to the US for the trade talks in the current situation demonstrates Beijing's greatest sincerity and want to sincerely, confidently, and rationally resolve certain disagreements or differences facing China and the US.
