Photo: IC

Chinese importers began a new round of buying US agricultural products with Chinese businesses making new inquiries on US soybeans and other farm products, official Chinese media reported. The goodwill exchange between both sides shows a willingness to implement the consensus reached in Osaka by the two state leaders and to restart trade consultations.

After the Osaka summit, the US has exempted 110 Chinese products from additional tariffs and resumed component supply to Chinese companies like Huawei, a gesture aimed at easing trade tension. 

During a recent telephone conversation, Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer, and US Treasury Secretary Steven Mnuchin discussed how to implement the consensus and hold further consultations.

Both economies have suffered as a result of the trade war, throwing bilateral trade practices into chaos. China needs US agricultural products like soybeans, cotton, pork, and sorghum. The items should have been included in China's purchasing list from the US but Beijing discontinued purchases to counter unfair trade practices by Washington. 

When China resumes procurement on a large scale will depend on the economic and trade situation between both sides.

Since the US-launched trade war, China has adopted a steady strategy, showing that China does not want a trade war but is not afraid of one, will fight if necessary. It has countered the US tariffs hike and built a credible image demonstrating a firm commitment to safeguarding national interests and winning worldwide respect. Meanwhile, China has remained open to consultations while keeping the situation under control. 

The US needs the Chinese market. This fact cannot be hidden regardless of how the trade war develops. 

The market is a significant source of China's power, and making good use of the leverage is a manifestation of Chinese wisdom.

It is the US that launched the trade war. It has obvious advantages and more measures and tools. But in the past year or so, China has responded with an impressive display of strength and strategy. In addition, Chinese society's solidarity has increased the country's deterrent force.

At the beginning, some suspected that China was too dependent on US high-quality agricultural products. But facts have proven that China's procurement of US agriculture is highly flexible, and its impact on the US far outweighs its side effects on the Chinese market. The US economy and politics have focused on the agricultural product issues.

Relaxing US agricultural product purchase served two functions: to promote China-US trade negotiations and to feed the Chinese market. It is a result of China's long-term and systematic coordination. 

The China-US economic and trade game is likely to continue. China should make full use of the tools in its hands to serve national interests.

Now, both China and the US understand each other better. It would be impossible for one side to overwhelm the other. This trade war will only lead to a lose-lose result. 

To end it, the two should meet each other halfway, strive for benign interaction, and break the impasse currently in place. 

The consensus reached by the two state leaders at the G20 Osaka summit set a new goal to end the trade war. The two have already exchanged goodwill, and negotiating teams have held two phone talks. Face-to-face talks are soon to happen. We hope such momentum will lead to a real outcome.

The article is an editorial of the Global Times. opinion@globaltimes.com.cn