China’s Vice Commerce Minister to visit U.S. for trade talks
China’s Vice Commerce Minister to visit U.S. for trade talks
China and the United States have implemented several rounds of tit-for-tat tariffs on each other's goods
17 August, 2018, 13:56
The last official round of talks was in early June when the USA commerce secretary, Wilbur Ross, met Liu He in Beijing.
A Chinese delegation led by Vice Commerce Minister Wang Shouwen will meet with an American group led by David Malpass later this month.
Trump has insisted on imposing tariffs on China and some US allies for national security reasons, even as Republicans and Democrats alike have warned that the policy will ultimately hurt American workers.
However, the upcoming meeting is lower-level compared to the four previous rounds of negotiations.
China will dispatch Vice Commerce Minister Wang Shouwen to the USA for trade talks in late August, the first official exchanges since earlier negotiations broke down two months ago.
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, cut industrial subsidies and slash a $375 billion trade deficit with China.
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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.
The president has argued that the tariffs are necessary in order to secure better trade deals, even though the USA has yet to establish any new agreement since the duties were put in place.
News of the meeting gave a lift to the yuan and helped cap losses in China's stock markets.
The two sides will impose an additional round of tariffs on $16 billion worth of goods from each country effective August 23. Another $16 billion in levies will be effective later in August. Donald Trump's administration is threatening further tariffs on $200bn of Chinese goods, in a bid to pressure USA companies to bring production back to the US.
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