Published: Fri, August 17, 2018
Finance | By Gustavo Carr

China, US to hold trade talks in late August

China, US to hold trade talks in late August

Chinese Vice Premier Liu He held talks with US Commerce Minister Wilbur Ross in Beijing in June.

The world's two largest economies have been locked in escalating rounds of tit-for-tat tariffs since the start of the year and have threatened further duties on exports worth hundreds of billions of dollars.

A statement from the ministry said commerce vice-minister Wang Shouwen would lead the delegation that will meet US Treasury undersecretary David Malpass to discuss "economic and trade issues between China and the US".

The ministry reiterated in the statement that China is against unilateralism and trade protectionism, and won't accept any unilateral trade restrictions.

A senior USA government official confirmed the talks and said: "We expect to discuss steps to achieve a more balanced trading relationship".

Washington slapped 25% tariffs on $34bn of Chinese goods in early July, leading Beijing to respond with similar levies, and further tariffs on $16bn of Chinese goods are due to come into effect on 23 August.

More news: Erdogan vows action against 'economic terrorists' over lira plunge

There was no immediate response from the US Treasury to the announcement from Beijing.

"There may be some manipulation but mostly I think investors are moving out of China because they don't like the economy, and they are coming to the United States of America because they like our economy".

Previous rounds of talks between the two sides failed to make much progress, resulting in the outbreak of a trade war.

Markets around the world are up on news that the USA and China are going to be talking again about their trade relations.

Four U.S. and Chinese sources in the business community said they had low expectations for the discussions, particularly if officials from USTR were not involved.

White House economic adviser Larry Kudlow said the "single biggest event" of 2018 is "an economic boom that most people thought would be impossible".

Like this: