US, China holding lower level trade talks later this month

17 August, 2018, 13:59 | Author: Shannon Aguilar
  • China: Trade talks with the US are back on

There also remains a wide gap between the two sides over Washington's demands that Beijing improve market access and intellectual property protections for USA companies, and slash a $375 billion trade deficit with China.

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 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.

News of the upcoming talks helped Chinese stocks stem losses.

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

A Chinese trade delegation will visit the USA this month to kick off a new round of talks, the first since negotiations broke down two months ago.

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"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 U.S. because they like our economy". Earlier this month, China announced a list of $60 billion worth of US imports it plans to apply tariffs on, after Trump ordered officials to consider imposing a 25 percent tax on $200 billion worth of Chinese goods, up from an initial 10 percent rate. "Their economy looks awful", he said.

The announcement by the Chinese commerce ministry of the planned meeting in late August comes after a lull in talks between the two sides.

Following that, Washington imposed its first round of 25 tariffs on $34 billion of Chinese goods on July 6 in response to complains Beijing steals or pressures foreign companies to hand over technology.

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. The invitation for talks may have been meant to steady markets, they said.

Trade Representative Robert Lighthizer has been meeting with Mexican officials as the US works to renegotiate NAFTA.

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