China to send delegation for USA talks to avert trade war

17 August, 2018, 13:57 | Author: Salvatore Jensen
  • China: Trade talks with the US are back on

The ministry reiterated in the statement that China is against unilateralism and trade protectionism, and won't accept any unilateral trade restrictions.

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.

News of the upcoming talks helped Chinese stocks stem losses.

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 global affairs, according to the Chinese statement.

While the engagement was seen by analysts and business officials as positive, they cautioned that the talks were unlikely to lead to a breakthrough, given they involve lower-level officials, led on the U.S. side by the Treasury Department, not the U.S. Trade Representative (USTR).

China and the United States have implemented several rounds of tit-for-tat tariffs on each others goods since the start of the year and have threatened further tariffs on exports worth hundreds of billions of dollars.

Trump has insisted on imposing tariffs on China and some USA allies for national security reasons, even as Republicans and Democrats alike have warned that the policy will ultimately hurt American workers.

In a White House cabinet meeting, Kudlow said the decline of the yuan currency in recent months showed that the United States had an upper hand in the trade war.

"Mostly, I think investors are moving out of China because they don't like the economy and they're moving to the US because they like our economy", he told the room.

Having made little progress in the previous meetings, the White House said on August 3 that the United States is open to further talks with China on how to resolve the festering trade dispute.

Mr Trump said in a tweet in April: "Russia and China are playing the Currency Devaluation game as the United States keeps raising interest rates".

White House economic adviser Larry Kudlow said the "single biggest event" of 2018 is "an economic boom that most people thought would be impossible".

Markets around the world are up on news that the USA and China are going to be talking again about their trade relations. Another $16 billion in levies will be effective later in August.



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