U.S. and China to hold trade talks in Beijing next week

U.S. and China to hold trade talks in Beijing next week

U.S. and China to hold trade talks in Beijing next week

U.S. envoys are to visit Beijing on Monday for talks on resolving a tariff dispute that threatens to hobble global economic growth, Beijing said yesterday.

President Trump and President Xi agreed to a ceasefire at a summit in Argentina in 2018, putting on hold any additional tariffs for 90 days from December the 1, while the two attempt to negotiate a deal.

Deputy U.S. Trade Representative Jeffrey Gerrish will lead a working-level team to China next week for the first round of face-to-face trade talks.

Washington and Beijing imposed tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade previous year, locking them in a conflict that has begun to eat into profits and contributed to stock market plunges.

Other administration officials at the talks will include Mr Gregg Doud, the US Trade Representative's chief agricultural negotiator, and Mr David Malpass, the Treasury Department's Undersecretary for International Affairs, said the sources.

The U.S. and Chinese governments both have expressed interest in a trade settlement but give no indication their stances have shifted. But they reject pressure to scrap technology initiatives they see as a path to prosperity and global influence.

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The presidents of China and the USA have exchanged messages vowing to boost cooperation despite a bruising trade war on the 40th anniversary of the countries' diplomatic relations, Chinese state media reported.

The risks to both economies have intensified since the last round of tit-for-tat tariffs in September. It was the fourth month of contraction, and it put annual sales in the world's biggest auto market on track to contract for the first time in three decades. As noted by Reuters, Hassett says that the slowing Chinese economy will affect all usa companies doing business in the country, not just Apple. They criticize his tactics but echo USA complaints about Chinese industrial policy and market barriers.

The dispute has rattled companies and financial markets that worry it will drag on global economic growth, already showing signs of declining.

The U.S. duties are set to increase to 25 percent in January.

The Wall Street Journal earlier reported about the trip and said that if there is progress in negotiations, Chinese trade officials led by Vice Premier Liu He will follow up with talks in Washington the following week. It said the threat of US tariff hikes was the "dominating factor" for almost half, while others moved due to higher costs or tighter environmental regulation. An escalating trade war would make the situation even worse.

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