China-US to resume trade talks after tit-for-tat tariff battle

Roman Schwartz
August 16, 2018

The last round of talks was in early June.

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.

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 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 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 worldwide affairs, according to the Chinese statement.

And China has promptly hit back with tariffs on an equal amount of US exports.

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The offshore Chinese yuan rose briefly on the news against the dollar, strengthening to a high of 6.9165 before paring gains.

News of the upcoming talks helped Chinese stocks stem losses. A senior USA government official confirmed the talks and said: "We expect to discuss steps to achieve a more balanced trading relationship".

Prices of Chinese farm goods fell amid hopes that supplies of United States soybeans, used to make cooking oil and animal feed, may resume if talks bring an end to the dispute.

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.

Chinese officials say the tariffs have yet to make an impact on the country's economy, with its exports even beating forecasts in July. Soybeans and other grains from the United States were hit with extra import tariffs last month, bringing trade nearly to a halt, as part of the tit-for-tat dispute between the world's two largest economies.

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