USA and China agree to October trade talks in Washington

Daniel Fowler
September 5, 2019

As the trade war between the USA 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 spokesperson for Lighthizer's department confirmed that the two sides talked and agreed to hold meetings in the United States capital "in the coming weeks".

President Donald Trump said on Wednesday the United States does not want to discuss the USA blacklisting of Huawei Technologies with China as the two biggest world economies try to end escalating trade tensions.

US tariffs of 25% imposed previously on $250 billion of Chinese goods are due to rise to 30% on october 1.

The statement said the two sides would "maintain close communication" ahead of the October talks.

Officials will "conduct conscientious consultations" in mid-September to prepare, the ministry said. Haven assets including the yen, gold and Treasuries retreated. Both sides agreed to take actions to create favourable conditions, it said.

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The IMF estimates that the current and upcoming tariffs will shave about 0.8 per cent off global gross domestic product growth in 2020, Gopinath said, with the fund forecasting a 3.5 per cent expansion next year.

Commerce Minister Zhong Shan, People's Bank of China Governor Yi Gang and Ning Jizhe, the deputy head of the economic planning commission, were also on the call, the Commerce Ministry statement said. Trump has warned that if he is re-elected, China will face a tougher US negotiating stance.

President Donald Trump told reporters Wednesday that money the US receives from tariffs on China will help farmers recover from Hurricane Dorian. It is unclear if the two sides will go back to a May draft agreement as the US has been seeking.

China insists Trump's punitive tariffs must be lifted once a deal takes effect.

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

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