BEIJING: China said on Wednesday the door was “wide open” for trade talks with Washington, a day after US President Donald Trump signalled the possibility of a “substantial” lowering of tariffs on Beijing. Bringing further relief to global markets spooked by his aggressive trade policies, Trump also said on Tuesday he had no intention of firing US Federal Reserve Chair Jerome Powell. Since returning to the White House in January, Trump has imposed additional tariffs of 145 percent on many products from China.

These include duties initially imposed over China’s alleged role in the fentanyl supply chain and later over practices Washington deemed unfair. Beijing has responded with sweeping counter-tariffs of 125 percent on US goods, but reiterated on Wednesday that it was willing to engage in trade talks.

“China pointed out early on that there are no winners in tariff wars and trade wars,” Chinese Foreign Ministry spokesman Guo Jiakun told a daily news conference in Beijing. “The door for talks is wide open.”—AFP