Although China and the United States have resumed trade negotiations, the chance of them reaching a deal in the near future appears slim. Going forward, several points must be highlighted.

First, the Donald Trump administration needs to show sincerity in the trade talks. The two sides started negotiations in February 2018, with a lot achieved as they reached consensus in many areas. However, the Chinese side was often frustrated during the consultations as the U.S. frequently went against consensus and backed on its word. Every time a consensus was reached, the U.S. would renege on the deal, thinking that it should have taken more advantage of the Chinese side.

For example, when the two sides issued a joint declaration on May 19, 2018, reaching a consensus that they would refrain from a trade war, the U.S. threw it overboard 10 days later and announced it would carry on with new tariffs.

In fact, shortly after the resumption of this round of trade talks, the U.S. threatened to impose additional tariffs on more imports from China in early August. If the U.S. doesn't start showing sincerity, there will be no major breakthrough.

Second, there must be mutual respect and benefit. Differences in the process of trade cooperation are normal for the world's two biggest economies. To defuse disputes through talks is the right thing to do in modern society. China has always stuck to the principle of mutual respect and benefit, working hard to produce an agreement acceptable to both sides.

However, the U.S. did not show enough respect for China's social and economic systems and its major concerns, and attempted to force unequal terms on China. Its unwarranted designation of China as a "currency manipulator" is another move in the wrong direction.

The U.S. must know that on issues concerning major principles and national dignity, China will never cede ground. The U.S. must accept differences in development, learn to respect others' development paths and basic systems and make sure the agreement satisfies both sides' demands.

Third, the U.S. must recognize the damage caused by the trade war. Since the trade friction began, Trump has repeatedly claimed on Twitter that the U.S. has won the trade war and that tariffs on Chinese imports have hurt the Chinese economy alone. The reality is that these tweets are just political gimmicks for the coming election. There are no winners in a trade war. New additional tariffs slapped on Chinese imports are hurting the U.S. economy as well as the Chinese economy, raising costs for U.S. businesses. The two countries are highly interdependent in the manufacturing sector and many U.S. manufacturers rely on Chinese materials and intermediate goods. They can't find good alternatives to Chinese suppliers and thus have to incur extra costs.

In addition, tariffs will force retailers in the U.S. to raise prices. According to the U.S. National Retail Federation, the 25-percent tariff on furniture imported from China will cost U.S. consumers an extra $4.6 billion. U.S. economic growth and people's livelihood have also felt the bite. Reports issued by the U.S. Chamber of Commerce in March showed that as a result of the trade friction, the U.S. GDP is expected to decline between $64 billion and $91 billion in 2019 and in the following four years, accounting for 0.3-0.5 percent of its GDP. A report released in February by the think tank Trade Partnership said that if the U.S. imposes 25-percent tariffs on Chinese imports, the U.S. GDP will shrink by 1.01 percent, with a loss of 2.16 million jobs and an added expense of $2,294 for a family of four.

Fourth, economy and trade should be decoupled from politics. From the very start, the Trump administration politicized China-U.S. trade, talking recklessly about China's social and economic systems and its development path. It aims to curb China's development by attacking the Chinese economy.

The highly complementary and mutually beneficial China-U.S. relationship has not only benefited the two countries, but also the entire world. The economic and trade relationship has already become the ballast of China-U.S. relations.

If the Trump administration wants to push forward the bilateral relationship, it can't overlook the importance of this ballast.

Copyedited by Rebeca Toledo 

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