China to send negotiator to U.S. for trade talks this month

Jeannie Matthews
August 17, 2018

China will hold a fresh round of trade talks with the United States in Washington later this month, Beijing said on Thursday, offering a glimmer of hope for progress in resolving a conflict that has set world financial markets on edge.

Liu Weidong, a U.S. affairs expert at the Chinese Academy of Social Sciences, said a key aspect of Wang's visit was to check whether further formal dialogue between the two nations was possible.

The latest headlines crossing the wires concerning China-US trade spat, cites that China's Vice Commerce Minister is said to visit the US for trade talks.

China said on Thursday a delegation would attend the next round of trade talks with United States counterparts in Washington later this month, in the latest bid to diffuse a conflict that has set world markets on edge.

China will dispatch Vice Commerce Minister Wang Shouwen to the U.S. for trade talks in late August, the first official exchanges since earlier negotiations broke down two months ago.

The two countries plan to launch a new round of tit-for-tat tariffs on $16 billion worth of goods from each country on August 23.

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The last official round of talks was in early June when U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He in Beijing.

News of the talks boosted China's yuan currency and its stock markets, which have been hit hard by negative sentiment related to the trade war and a slowing domestic economy.

But the discussions failed to reduce tensions as the United States slapped tariffs on $34 billion worth of Chinese goods in early July, triggering an immediate dollar-for-dollar retaliation from Beijing.

Providing Brent crude some support were looming US sanctions against Iran's oil exports, set to start from November, with Asian buyers including India, South Korea and Japan already scaling back orders.

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump's demand to drastically reduce the $375 billion trade deficit.

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