China is ‘open’ to trade talks with the US

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  This is Andrew Peach with World Business Report.

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  Today China says it's open to trade talks with the US,

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  but President Trump's tactics are no way to go about it.

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  In the last few minutes we've been hearing from the US Treasury Secretary.

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  China's current economic model is built on exporting its way out of its economic troubles.

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  It's an unsustainable model that is not only harming China, but the entire world.

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  China needs to change.

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  Analysis in a moment.

• 00:27

  Also today, as Tesla profits slumped 70%, we'll hear from its owner.

• 00:32

  There are some challenges, and I expect there'll probably be some unexpected bumps this year.

• 00:37

  But I remain extremely optimistic about the future of the company.

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  And...

• 00:41

  The new Casillero del Diablo sparkling zero alcohol.

• 00:49

  Boosting wine production in Latin America despite falling consumption.

• 00:53

  First, in the last 10 minutes,

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  the US Treasury Secretary Scott Besant has been talking on the sidelines of the meetings of the IMF and the World Bank in Washington.

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  This after 24 hours of hints from the White House that it's keen to start de-escalating its trade war with China.

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  And it's given us an idea about how the Trump administration thinks that might play out.

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  Mr Besant talked a lot about the need to rebalance and said China's export-driven economy is harming the entire world.

• 01:23

  China's current economic model is built on exporting its way out of its economic troubles.

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