Economy

US, China holding lower level trade talks later this month

US, China holding lower level trade talks later this month

The visit is at the invitation of the United States, the ministry said in a short statement.

A statement by the Chinese Ministry of Commerce on Thursday said it will hold a fresh round of trade talks with USA officials in Washington before the end of the month.

"This will be 'talks about trade talks, '" said Gai Xinzhe, an analyst at the Bank of China's Institute of International Finance in Beijing.

"A high-level Chinese delegation will travel to the U.S.in the coming days for trade talks after being invited by the Trump administration".

President Trump has declared that a trade war with Beijing would be "easy to win" and that he was willing to impose tariffs on up to $500 billion of Chinese products after declaring that a trade war with Beijing...

This month's meeting would be the first between senior USA and Chinese officials since June 3 talks in Beijing between Commerce Secretary Wilbur Ross and Vice Premier Liu He ended with no settlement.

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U.S. futures also gained, as Dow e-minis gained 0.45 per cent on the news.

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

Prices of Chinese farm goods fell amid hopes that supplies of U.S. soybeans, used to make cooking oil and animal feed, may resume if talks bring an end to the dispute.

Washington slapped 25% tariffs on $34bn of Chinese goods in early July, leading Beijing to respond with similar levies, and further tariffs on $16bn of Chinese goods are due to come into effect on 23 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 asked Kudlow in the Cabinet meeting how the USA economy was doing compared to China's economy.