China, U.S. to hold lower-level trade talks in late August

16 August, 2018, 13:11 | Author: Regina Silva
  • 7 2018 shows workers unloading bags of chemicals at a port in Zhangjiagang in China's eastern Jiangsu province

The Chinese delegation led by Wang will meet with an American group led by David Malpass, under secretary of the Department of the Treasury, at the invitation of the U.S., China's Ministry of Commerce said in a statement on its website on Thursday.

China's Commerce Ministry says it will not accept any unilateral trade measures, but welcome dialogue. The countries imposed steep tariffs on billions of dollars of each other's exports this summer and have threatened more.

There have been no high-level talks between the two sides since July, but sources told the South China Morning Post that the two countries made unofficial contact late last month to explore the possibility of resuming talks.

Larry Hu, head of greater China economics at the Macquarie Group, said the two sides may discuss what Beijing needs to do, such as increasing USA imports, further opening its markets and making efforts to protect United States intellectual property rights.

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There was no immediate response from the U.S. Treasury to the announcement from Beijing.

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.

But less than 10 days later, the White House said it would push forward on planned tariffs on $50 billion of Chinese imports and press ahead with restrictions on investments by Chinese companies in the U.S.

The yuan has declined in recent weeks, helping Chinese exporters as it makes their products cheaper, but it could fuel tensions with Trump, who has accused Beijing of manipulating its currency. But Trump backed away from the agreement and the two nations have been locked in a tit-for-tat trade war ever since.

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