US Bilateral Trade with China to Prove Beneficial for US Business, Says Donald Trump
Donald Trump and Xi-Jingping (Photo Credits: PTI)

Beijing, May 9: United States President Donald Trump on Wednesday (local time) said the bilateral trade talks with China must bring a beneficial outcome for the US businesses.

As per the official White House press release on Tuesday (local time) "President Trump affirmed his commitment to ensuring that the trade and investment relationship between the United States and China is balanced and benefits American businesses and workers."

As reported by the South China Morning Post President Xi, in turn, called for a "mutually beneficial" result of talks in the backdrop of a volatile bilateral trade environment.

They further discussed the recent diplomatic engagements between the two countries, which were aimed at easing trade conflicts between the two. The talks came soon after the third California-China Business Summit that was held in China culminated on May 4. As per the reports both sides have managed to reach some agreements over their bilateral trade.

On the sidelines of the Business summit, China's Vice Premier Liu He held a bilateral talk with United States Treasury Secretary Steven Mnuchin. They agreed on resolving common concerns regarding economic and trade issues through dialogue and deliberation.

They further discussed the issue of increasing US trade exports to China, bilateral trade service, two-way investment, protection of intellectual property rights and imbalanced tariff rates.

On February 30, the UN Security Council sanctioned 21 shipping firms from the Marshall Islands, Singapore, Panama, and Samoa, 27 vessels and an individual suspected of helping North Korea smuggle oil and coal by sea, according to Yonhap news agency.

The United States had strongly rallied for the UNSC decision of imposing sanctions on North Korea. The two leaders further discussed the importance of communication to find solutions to the existing trade issues raised due to reciprocal trade tariffs imposed by the two countries on each other.

Xi said, "the teams of both sides can maintain communication and strive to find a solution to the problems that exist, so as to achieve mutually beneficial and win-win results."

The release further mentioned, "President Trump and President Xi agreed on the importance of continued implementation of sanctions on North Korea until it permanently dismantles its nuclear and missile programs."

Earlier on March 29, it was reported that North Korea is planning to close down its nuclear test site Punggye-ri in May. Prior to that, on April 21 North Korean leader Kim Jong-Un announced the suspension of the country's nuclear and missile tests. The US along with Japan, China, and South Korea had supported the denuclearization of North Korea.