CNBC's Eunice Yoon joins 'Money Movers' to discuss the latest from the U.S.-China trade negotiations.

Beijing

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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Chinese authorities have restated their opposition to resuming a trade war with the United States, highlighting the importance of dialogue and consultation to resolve disputes. The commerce minister and foreign ministry emphasized that recent talks have produced mutual benefits, including China's processing of export control applications for rare earths used by U.S. industries and the U.S. lifting certain restrictions on China, notably around advanced chips.

Key agenda items for ongoing negotiations include a possible extension of a trade deadline, reduction of tariffs related to fentanyl, and discussions about China's purchases of Russian oil. Chinese state media has warned that pressuring China over Russian oil could jeopardize the newly established trade consultation mechanism. While China has recently tightened controls on chemicals linked to fentanyl, officials believe they hold significant leverage due to the importance of rare earths to U.S. industry and the sensitivity of trade developments to financial markets.

China: No need to return to a trade war with U.S.

For more on how the Chinese are thinking about trade negotiations let's bring in Eunice Yoon live from Beijing. Hey Eunice. Hey Leslie. Well China is reiterating the commerce minister's recent remarks that there is no reason to return to a trade war. The minister said practice has proven that through dialogue and consultation we can properly manage contradictions. So the foreign ministry repeated that today saying that the Sweden talks can reduce misjudgments and strengthen cooperation. And this comes after a weekend editorial with Xinhua. The state run news agency was playing up what it described as the mutual benefits of these talks pointing to China processing export control applications. It didn't say specifically that that was about rare earths but that's what it's about and the rare earths were processed for U.S. industry. And then it's also mentioned that the U.S. lifted what it described as relevant restrictions on China. So that means that China again didn't explicitly say that this is about A.I. chips but China does now have the ability to access H20 and video chips which had been previously banned at least the export to China. So in terms of the expected agenda items from a Chinese perspective there's a lot of belief that we are going to see an extension of the August 12th deadline possibly by 90 days. Also that China would push for a reduction in the so-called fentanyl tariffs. The Chinese believe that these tariffs that were put as sort of a punishment for their non-cooperation from the U.S. perspectives on fentanyl as unfair. And then the Chinese expectation is that the Russian oil purchases are going to come up just because the Treasury Secretary Scott Besant had flagged that as a talking point. State media though has already been flagging that they will be pushing back on that last point saying that if Besant uses this issue to put pressure on China it will likely cause the newly established trade consultation mechanism to collapse. This is in the Global Times the Communist Party paper saying that China would not just go along with Russian oil cuts. Guys? So it sounds like the Russian oil element is important as well as the fentanyl tariffs as well. And didn't China a month or two ago tighten some controls over some chemicals related to the opioid that can be used to make it? Yeah and I think a lot of people were seeing that as measures by the Chinese to try to show some goodwill to kind of get these talks going along like hey we're doing this with fentanyl so maybe you guys should do something for us. I think what's interesting too is that you guys were talking about leverage that the U.S. think it has. From the Chinese perspective there's a lot of belief here that the Chinese actually have a lot of leverage because of the rare earths. That they're so important for U.S. industry because the stock market is watching what happens with the trade deal. So the Chinese know that the stock market reacts to whether or not trade developments are had by the U.S. and China. Also TikTok, important for the U.S. Trade deal, important for President Trump. Not so much actually from a strategic standpoint for China. The fentanyl issue also, something that the Chinese really don't care about a whole lot. I mean of course they want to be cooperative if people are dying in the U.S. But from China's perspective, not really as important to the U.S. So from a Chinese perspective they feel that, or at least a lot of people here think that China has the upper hand as compared to the United States. Yeah, it's kind of an opposite situation from what we saw with the EU where they were willing to extract some concessions from Brussels but given some of the leverage components that China has in this situation it's going to be a little bit more difficult. Eunice, thank you very much.

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China: No need to return to a trade war with U.S.

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