China and the United States have implemented several rounds of tit-for-tat tariffs on each other's goods
17 August, 2018, 13:57
China's commerce ministry reiteratedthat Beijing opposed trade protectionism and would not accept any unilateral trade restrictions.
China's ministry of commerce said the US had invited a delegation, led by vice-commerce minister Wang Shouwen, to meet with a group led by US Treasury undersecretary, David Malpass.
China and the United States will hold lower-level trade talks this month, the two governments said on Thursday, offering hope that they might resolve an escalating tariff war that threatens to engulf all trade between the world's two largest economies.
News of the meeting boosted the Chinese yuan and helped cap losses in China's stock markets.[CNY/][.SS].
The Chinese delegation will be led by Vice Commerce Minister Wang Shouwen, who will hold talks with David Malpass, the US Treasury Department's under secretary for global affairs, according to the Chinese statement.
There was no immediate response from the U.S. Treasury to the announcement from Beijing.
United States futures also gained, as Dow e-minis gained 0.45 per cent on the news.
The last round of talks was in early June.
Markets around the world are up on news that the USA and China are going to be talking again about their trade relations.
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. Donald Trump's administration is threatening further tariffs on $200bn of Chinese goods, in a bid to pressure U.S. companies to bring production back to the US.
Washington is due to activate additional tariffs on $16 billion of Chinese goods on August 23, and Beijing has said it will respond in kind. But Trump backed away from the agreement and the two nations have been locked in a tit-for-tat trade war ever since.
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