China to send negotiator to USA for trade talks this month

Ann Santiago
August 17, 2018

News of the meeting gave a lift to the yuan and helped cap losses in China's stock markets.

The two nations had appeared to have reached a deal in May after Chinese Vice Premier Liu He led a group of officials to Washington, but Trump backed away from the agreement a few days later.

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 are among lower level officials and led on the U.S. side by the Treasury Department, not the U.S. Trade Representative (USTR).

The ministry says the Chinese delegation, led by Vice Minister of Commerce Wang Shouwen, will meet with American representatives led by U.S. Under Secretary of Treasury for International Affairs David Malpass.

"The main objective is to see whether both sides are really interested in having further dialogue".

Other Countries should not be allowed to come in and steal the wealth of our great United States of America.

China and the United States have engaged in a round of reciprocal tariffs since July 6, when Washington officially imposed 25 percent tariffs on more than 800 Chinese products worth $34 billion. A senior USA government official confirmed the talks and said: "We expect to discuss steps to achieve a more balanced trading relationship".

It's unclear if the meeting will take place before or after August 23, which is when the Trump administration will impose 25 percent tariffs on $16 billion worth of Chinese imports.

News of the talks boosted China's yuan currency and its stock markets, which have been hit hard by negative sentiment related to the trade war and a slowing domestic economy. "China realises how serious the trade war with the United States is and does not want a more serious confrontation", he said.

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