China Seeks Mutual Respect And ‘Win-Win’ Approach From US To Resolve Tariff Dispute, Says Former Beijing Official

China will only engage in talks with the U.S. if its leaders show respect towards Beijing, a former Chinese official told Bloomberg News in an interview.

Zhu Guangyao, who was China's Vice Minister of Finance from 2010 to 2018, said there will be no talks if the Donald Trump administration wants China to unconditionally accept all U.S. proposals.

Zhu's comments come amid a weeks-long war between the two nations, which has effectively made trade between them unviable.

In tit-for-tat moves, the two sides have raised tariffs on imports from the other country. Chinese imports to the US now face tariffs of at least 145%, while American goods headed to China are being hit with a 125% rate.

China's finance ministry last week said it will ignore if the U.S. raises tariffs further, given that there is "no possibility of market acceptance of U.S. goods exported to China."

Zhu said that while technical teams from both countries remain in contact, talks over the tariff issues must be based on mutual respect, peaceful coexistence, and a win-win mindset.

He did not elaborate on what specific actions that would entail.

Zhu served as deputy finance minister until his retirement in 2018, overseeing the Customs Tariff Department and playing a key role in U.S.-China trade negotiations.

The U.S. tariffs are the latest headache for China, which is already struggling with a sluggish economy, tepid consumer spending and a prolonged consumer crisis.

Chinese stocks in the U.S. opened the year on a strong note, rising on optimism around AI advancement, but that rally hit a wall early this month after Trump's tariff announcement on April 2.

Chinese officials have consistently stated their willingness to negotiate, but not under pressure or threats. 

According to another Bloomberg News report, U.S. Trade Representative Jamieson Greer noted that Trump anticipates talks "at some point," although "we're not there yet."

The president has said he's waiting for a call from China and referred to Xi as a friend he holds in "great respect," emphasizing his preference for direct, leader-to-leader negotiations.

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