China's Ministry of Commerce hopes to reach a trade agreement with the United States before the new tariffs go into effect on December 15.

"Regarding Sino-US trade negotiations, we hope that both sides can base on equality and mutual respect, promote negotiations and consider the core interests of each other to reach an agreement with benefit both sides as soon as possible, "Assistant Trade Minister Ren Hongbin told reporters in Beijing today.

The world's two largest economies are negotiating a partial trade deal, aimed at reducing escalating trade disputes between the two countries, but it is unclear whether the agreement can be reached in the near future.

During the negotiation, China asked the US to remove the current tariffs on exports worth about $ 375 billion, while canceling the 15% tariff planned to be imposed on December 15 to $ 156 billion in goods. chemistry. In return, Trump also asked China to buy American agricultural products, as well as make concessions on intellectual property, currency and market access.

White House economic adviser Larry Kudlow said on Friday that the two sides had discussions almost daily, but there are currently no plans for direct or signed dialogues between President Donald Trump and the chairman. Xi Jinping.

Less than a week before the new tariff of $ 156 billion on Chinese goods, mainly laptops, mobile phones, toys and clothing, takes effect, Kudlow said President Trump was the one who made the decision. Final determination of these tax measures.

Trump last week said "something will happen on December 15", but said the US and China were still having "good discussions".

Washington and Beijing initially planned to sign a partially trade agreement on the sidelines of the Asia-Pacific Economic Cooperation (APEC) in Chile on November 16-17. However, the event was canceled due to the instability situation in Chile, making the future of the agreement become ambiguous.

The US-China trade war has erupted since 2018 and has been escalating with "tit-for-tat" taxes, rocking the financial market and potentially dragging global economic growth to its lowest level. since the 2007-2008 financial crisis.