China and the United States have started normal communications in economic and trade areas, agreeing on joint efforts to solve problems for producers and consumers in a pragmatic manner, Ministry of Commerce spokesman Gao Feng said at a media briefing on Thursday.
Experts said that since the US and China are the world's top two economies, healthy Sino-US economic and trade ties are not only important for the two nations, but also for world economic recovery amid the COVID-19 pandemic.
Tu Xinquan, dean of the China Institute for WTO Studies at the University of International Business and Economics in Beijing, said: "Through the increased tariffs on Chinese goods, US hoped to reduce the trade deficit with China, transfer costs to Chinese exporters, and force companies to move their supply chain activities out of China to the US or other countries.
"But such expectations have failed, while the tariff surges have damaged US companies' competence, dragged down US economic development, and hurt US people due to consequently higher product prices and fewer jobs." Read the story>>