Official: China hopes for US trade pact as tariff hike nears

Business

In this photo taken Sunday, Dec. 8, 2019, Chinese shoppers take photos of foreign performers outside an Apple store in Beijing. Investors are hoping that the U.S. and China will reach a trade deal before new U.S. tariffs go into effect Dec. 15 on some popular products made in China, including smartphones and laptops. (AP Photo/Ng Han Guan)

BEIJING (AP) — A Chinese official says Beijing wants a prompt settlement of its trade war with Washington.

A deputy commerce minister said Monday that Beijing wants “satisfactory results as soon as possible.” The official gave no details of talks on a “Phase 1″ deal announced by President Donald Trump in October.

Another U.S. tariff hike on $160 billion of Chinese imports is due to take effect Sunday. China announced Friday it was carrying out a promise to waive punitive tariffs on American soybeans and pork.

Trump alarmed global financial markets last week when he said he might be willing to wait until after next year’s presidential election to reach a settlement.

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