China still ‘cautiously optimistic’ on US trade talks despite new tariffs | World News, The Indian Express

China still ‘cautiously optimistic’ on US trade talks despite new tariffs | World News, The Indian Express

By Reuters |Beijing |Published: May 12, 2019 12:35:41 pm

China still ‘cautiously optimistic’ on US trade talks despite new tariffs

On Monday, hours after Trump said he intended to raise tariffs, the Chinese central bank cut the amount of reserves that some small and medium-sized banks need to hold, freeing up more funds for lending to cash-strapped firms.

The United States escalated a tariff war with China on Friday by hiking levies on 0 billion worth of Chinese goods in the midst of last-ditch talks to rescue a trade deal.

China and the United States have agreed to hold more trade talks in Beijing, Vice Premier Liu He said as U.S. President Donald Trump ordered his trade chief to begin the process of imposing tariffs on all remaining imports from China. Liu voiced a measured optimism on reaching a deal, but said there were “issues of principle” on which China would not back down.