Published: Thu, September 05, 2019
Markets | By Otis Pena

China says trade talks with U.S. to take place in October

China says trade talks with U.S. to take place in October

As the trade war between the US and China continues, delegations from both countries are scheduled to meet for negotiations next month, according to a statement from China's Ministry of Commerce.

A spokesman for the US Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks".

On Wednesday, the 4th of September 2019, data released by US Commerce Department had revealed a slight moderation of trade gap, nonetheless, United States' trade deficit with China hits a six-month-peak, jeopardizing a key priority of the US President Donald Trump and his administration's "America First" policy.

Any meeting in the immediate future would take place against the threat of increasing US tariffs on Chinese goods, as President Donald Trump's administration is set to ratchet up levies on october 1 and in December.

Beijing has agreed to narrow its politically sensitive trade surplus with the USA but is reluctant to give up development strategies it sees as a path to prosperity and global influence. "Both sides face the choice" of whether to continue the lose-lose situation or to reach a deal with compromise from both sides, it said.

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Chinese Commerce Minister Zhong Shan, Governor of the People's Bank of China Yi Gang, and Vice Chairman of the National Development and Reform Commission Ning Jizhe also took part in the phone conversation.

This week China said it had lodged a complaint against the U.S. with the World Trade Organization (WTO), one day after new tariffs came into force. Trump says China has paid for most of the tariffs, adding, "We have a lot of money to help our farmers".

The last round of talks in July in Shanghai ended with no indication of progress.

"No one is holding their breath" with regard to the talks, said Chua Hak Bin, an economist at Maybank Kim Eng Research Singapore".

-With assistance from Kevin Hamlin, Michael Heath, Cormac Mullen, Qizi Sun and Yinan Zhao.

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