China is in 'no rush' to restart trade talks

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China’s President Xi Jinping (L) and US President Donald Trump review Chinese honour guards during a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017.

Fred Dufour | AFP | Getty Images

Beijing is in “no rush” to resume trade talks between the U.S. and China, the according to the South China Morning Post.

After CNBC’s Kayla Tausche reported on Friday that trade talks between the U.S. and China have stalled, Chinese analysts said China is prepared to suspend meeting if President Donald Trump wasn’t “prepared to be realistic,” the Chinese newspaper said Saturday.

China invited the U.S. delegation to Beijing, and Treasury Secretary Steven Mnuchin appeared open to the offer, but no schedule was set, and CNBC reported the negotiations were “in flux.” The South China Morning Post said the Chinese state media have now “gone on the offensive.”

“There is no need to get into frantic calculations about when he will come if the US continues to lack sincerity. After all, enough has been said by both sides in so many rounds of discussions,” Tao Wenzhao, an international relations expert at the Chinese Academy of Social Sciences, told the newspaper.

Peking University international relations professor Jia Qingguo told the newspaper: “The standoff should last for a while because the US has refused to make even the slightest compromise – to a point that is somewhat unreasonable.”

The trade war has heightened since China put retaliatory tariffs on $60 billion of American goods in response to Trump hiking tariffs on $200 billion of Chinese products. Investors are bracing for potential new tariffs to go into place by the U.S.

Futures prices were pointing to a 170-point drop in the Dow Jones Industrial Average at Monday’s opening.

— Read the full South China Morning Post article here.

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