Update | Chinese, US executives call for ‘prompt resolution’ of economic rows amid fears of trade war
Negotiations the best way to resolve long-standing economic disputes between the two superpowers, says top officials at US-China business leaders summit in Washington
Top executives of Chinese and American companies have urged their governments to promptly resolve trade disputes through “effective negotiation” amid concerns that the two nations are heading towards a trade war.
Twenty business leaders made the appeal during the first US-China Business Leaders Summit held at the US Commerce Department in Washington on Tuesday.
The event was co-chaired by the head of the Chinese e-commerce giant Alibaba, Jack Ma, and the chief executive of the US investment and financial services firm Blackstone, Stephen Schwarzman.
“While respecting the use of traditional trade remedies, we hope that trade disputes can be resolved through effective negotiation with both sides working for prompt resolution,” a statement from the summit said.
The call came after US President Donald Trump said last week he was mulling slapping steel import quotas and tariffs on China.
“They’re dumping steel and destroying our steel industry, they’ve been doing it for decades and I’m stopping it. There are two ways - quotas and tariffs. Maybe I’ll do both,” he told reporters.
