Wednesday, 17 October, 2018

China, US look to diffuse trade conflict; talks slated late August

China: Trade talks with the US are back on China to send negotiator to US for trade talks this month
Lindsey Cook | 17 August, 2018, 13:56

News of the meeting gave a lift to the yuan and helped cap losses in China's stock markets.

"The U.S. Treasury Department wasn't available for comment".

China announced Thursday that it will send a delegation to the USA later this month for trade negotiations, after the two countries started imposing tit-for-tat tariffs on goods from each other and Washington tightened controls on investment.

The two sides will impose an additional round of tariffs on $16 billion worth of goods from each country effective August 23.

Beijing has said it will retaliate in kind.

Trade talks will be held late August.

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Four U.S. and Chinese sources in the business community said they had low expectations for the talks, particularly if officials from USTR were not involved. Beijing retaliated by imposing the same percentage of retaliatory tariffs on 545 USA items, also worth $34 billion. Since those talks ended, the US and China have been locked in a trade standoff as they slapped tariffs on billions of dollars of each other's goods.

The meeting would end a drought in talks since early June, when U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He in Beijing, but returned with no agreements.

The United States' economic boom is the "single most important political story" that has happened this year, National Economic Council Director Larry Kudlow said Thursday.

"Our Country was built on Tariffs, and Tariffs are now leading us to great new Trade Deals - as opposed to the disgusting and unfair Trade Deals that I inherited as your President", Trump tweeted Wednesday.

Unless there is some breakthrough the United States and China are preparing to a next round of retaliatory levies, having implemented tariffs on $34 billion of each other's exports on July 6.

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