American business community wants trade deal between US, China

The US business community wants to see a trade deal between the United States and China so as to end the trade dispute, said Myron Brilliant, executive vice president and head of the international affairs for the US Chamber of Commerce.

Brilliant said this on Wednesday during an interview on the sidelines of the US-China CEO's Dialogue running from Tuesday to Wednesday in Beijing.

"The two business communities understand there are no winners when you have a trade war, there are only losers.

China will lose, the United States will lose, and the global economy will lose. So we want to encourage our governments to work closely. I'm hopeful that the two countries and the two leaders understand what's at stake, and now it's a question about getting it done. There has to be a sense of urgency," Brilliant said.

"What we need is for truth, a trade truth between the two sides, calmer waters with the long-term goal of having a high standard comprehensive trade agreement. And we need to see compromise, and we need to see the negotiations on the basis of mutual respect on both sides," he said.

The US-China CEO's Dialogue, which was organized by the China Center for International Economic Exchanges and the US Chamber of Commerce, brought 20 business leaders from both countries together to share their views on the on-going trade dispute between the world's two largest economies.