China praises truce in trade war with US

China praises truce in trade war with US
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China on Monday praised the recent agreement with the U.S. to call off tariff threats while they negotiate a more encompassing trade agreement, Reuters reported.

Chinese foreign ministry spokesman Lu Kang said that both countries understand that reaching an agreement would benefit everyone, according to the report.

“China has never hoped for any tensions between China and the United States, in the trade or other arenas,” Lu said.

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Treasury Secretary Steven MnuchinSteven Terner MnuchinLawmakers fear voter backlash over failure to reach COVID-19 relief deal United Airlines, unions call for six-month extension of government aid House Democrats plan to unveil bill next week to avert shutdown MORE said on Sunday that the trade war had been placed “on hold” while both countries work on issues that had led to recent conflicts.

Chinese state media expressed relief for the cooling tensions between China and the U.S. while touting China’s refusal to surrender.

“Despite all the pressure, China didn’t ‘fold’, as U.S. President Donald TrumpDonald John TrumpUS reimposes UN sanctions on Iran amid increasing tensions Jeff Flake: Republicans 'should hold the same position' on SCOTUS vacancy as 2016 Trump supporters chant 'Fill that seat' at North Carolina rally MORE observed. Instead, it stood firm and continually expressed its willingness to talk,” the English-language newspaper China Daily wrote in an editorial Sunday.

“That the U.S. finally shared this willingness, means the two sides have successfully averted the head-on confrontation that at one point seemed inevitable,” the paper said.

It remains unclear if China will be able to meet all of the Trump administration's requirements for what it deems a fair trade deal.

Issues could arise around the United States' allegations of intellectual property theft and the president’s desire to shrink the large trade deficit.