Reports that the US and China have reached an initial trade deal were met with silence in Beijing where officials declined to confirm whether an agreement had been made.
Asked about the status of the trade talks during a daily briefing on Friday, the Chinese foreign ministry spokeswoman Hua Chunying reiterated that Beijing was committed to resolving outstanding issues but that a deal had to be mutually beneficial. She did not comment on whether the two sides had reached an agreement or the terms of any deal.
US media reported on Thursday that an agreement “in principle” had been reached that would see the US roll back some of the tariffs on $360bn of Chinese goods in exchange for Chinese commitments to buy US agricultural products and other concessions.
News of the deal comes days before the White House is due to impose a new tranche of tariffs on $160bn in consumer goods on 15 December. Reports said China had agreed to purchase $50bn worth of US farm goods while the US offered to cut existing tariffs on Chinese goods by as much as 50%.
But Beijing’s muted response raised questions about whether an agreement had been reached. Speaking at a symposium in Beijing, China’s minister of foreign affairs, Wang Yi, did not mention the negotiations.
Instead, he took the occasion to criticise the US for having “seriously damaged the hard-won mutual trust” between the two countries. Wang said the US had “slandered” China by criticising it over its policies in Hong Kong and Xinjiang.
“We will never accept the so-called unilateral sanctions and any acts of bullying,” he said.
Hu Xijin, the editor in chief of the Global Times, wrote on Twitter: “Chinese authorities and official media so far haven’t given any information on China and the US are close to a deal. As the US side released optimistic information through various channels, the [Chinese] side has basically kept silent. This is a delicate situation.”
Donald Trump was expected to release a statement on Friday. Reuters previously reported that the two sides were still formulating a written agreement.
For the last year-and-a-half, Beijing and Washington have been locked in a tit-for-tat trade war that has inflicted pain in both economies, caused market uncertainty, and slowed global growth.
In October, the White House said a “phase one” deal had been reached and the two sides have been negotiating over the details since then.
Trade experts say that not suspending Sunday’s tariffs on consumer goods, from videogames to shoes and computer monitors, would result in more retaliatory tariffs from the Chinese side. Further trade talks are likely to be suspended until after the US presidential election in November.
In September, China imposed tariffs US goods including soybeans, pork and beef, and chemicals, with another tranche to begin on 15 December, totalling $75bn. China was also planning on reinstating tariffs on US vehicles and auto parts that it had previously suspended.
Critics say striking a deal now negates the last year and a half of pressure on China to reform practices that give its businesses an unfair advantage.
The US senator Marco Rubio wrote on Twitter that the deal would “give away the tariff leverage needed for a broader agreement on the issues that matter the most such as subsidies to domestic firms, forced tech transfers & blocking US firms access to key sectors”.
The trade war has been a key part of worsening relations between Beijing and Washington, at their lowest point in decades. Some observers believe a trade deal would help prevent ties from deteriorating further.
The US recently signed into law a bill that would sanction Chinese and Hong Kong officials deemed responsible for the suppression of freedoms in Hong Kong. China has accused the US of instigating the protests. The government is also considering legislation that would punish Chinese officials connected to abuses in Xinjiang, prompting furious reactions from Beijing.
Experts say Beijing is just as eager to resolve the trade deal. China’s economy is growing at a multi-decade low and could slow further.
At the conclusion of a high-level economic work conference this week, officials said the Chinese leadership would ensure “reasonable” and “stable” growth in trade and the economy despite “mounting risks and challenges at home and abroad”.
