China, US to Resume Trade Talks This Month

The US Treasury Department building on Pennsylvania Avenue in Washington DC

A few months back the USA and China were sending trade delegations back and forth between China and the U.S.to negotiate trade agreements between the two nations.

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

The last round of talks took place in early June, . when U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He in Beijing.

Vice Minister to meet with US Treasury UnderSecretary Malpass.

Trade Representative Robert Lighthizer has been meeting with Mexican officials as the USA works to renegotiate NAFTA.

Those tariffs will be the latest action in an ongoing tit-for-tat exchange of duties between the two countries, prompting concerns of an escalating trade war between the world's two largest economies.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading slightly lower on Thursday. The countries imposed steep tariffs on billions of dollars of each other's exports this summer and have threatened more.

Cinna's Commerce Ministry says visiting at the invitation of the US. The SCI 300 Index was up 0.59 per cent by mid-morning, having fallen as much as 1.8 per cent shortly after open. Another $16 billion in levies will be effective later in August.

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.

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. The move was in response to a threat from Washington to increase tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent. Prices of Chinese farm goods fell amid hopes that supplies of USA soybeans, used to make cooking oil and animal feed, may resume if talks bring an end to the dispute.

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