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China, US to resume trade talks next week

Working groups from China and the United States will meet next week to resume trade talks aimed at putting an end to the ongoing tariff dispute between the two economic superpowers, the Chinese vice-premier said.

Liu He made the remarks at a meeting with chairman of the US-China Business Council, Evan Greenberg, on Thursday night, Chinese state-run news agency Xinhua reported.

At that meeting, Liu confirmed that working groups from both countries would meet next week and have “earnest discussions” on their trade balance, market access, protection of investors and other matters of mutual interest, Xinhua said.

The Chinese vice-premier also welcomed the US’ decision to delay by two weeks a planned tariff hike on Chinese products that was scheduled to take effect on October 1 and said that the world was looking forward to seeing progress in trade talks between both nations.

For his part, Greenberg said that the US’ business sector did not wish to see a hike in tariffs, and hoped that the two countries would resolve their differences through discussions while bringing bilateral trade back to normal.

US President Donald Trump announced late on Wednesday that a planned hike from 25 to 30 per cent in duties on certain Chinese imports worth $US250 billion that was scheduled to take effect on October 1 would be postponed by 15 days.

He said this was a “gesture of goodwill” as the People’s Republic of China will be celebrating their 70th Anniversary on October 1st.

China then announced it would postpone planned 25 per cent tariffs on 16 products from the United States by a year, to September 2020.

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