China, US to hold trade talks in October as mistrust remains

Daniel Fowler
September 6, 2019

A cautious statement from the USTR's office confirmed that ministerial-level discussions will take place in "the coming weeks", without specifying when.

"The trade war has become a real stalemate - the US has more economic advantages, while the Chinese political advantage is more obvious", according to a commentary on Thursday afternoon in the Communist Party tabloid Global Times.

The Dow Jones Industrial Average rose 372.68 points, or 1.41%, to 26,728.15, the S&P 500 gained 38.19 points, or 1.30%, to 2,975.97 and the Nasdaq Composite added 139.95 points, or 1.75%, to 8,116.83. U.S., Asian and European stock indexes all touched one-month highs on Thursday. The news comes just days after China announced it had filed a lawsuit with the World Trade Organization (WTO) on Monday (Sept. 2), the day after the newest tariffs went into effect.

Meanwhile, US services sector activity accelerated in August and private employers boosted hiring, suggesting the economy continued to grow at a moderate pace despite trade tensions which have stoked financial market fears of a recession.

The United States plans to increase the tariff rate to 30% from the 25% duty already in place on $250 billion worth of Chinese imports from October 1.

The United States plans to increase the tariff rate to 30 per cent from the 25 per cent duty already in place on $250 billion worth of Chinese imports from October 1.

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"This trade war has gone on far too long, and the harmful consequences for American business and consumers continues to grow", said the group, which bills itself as the world's largest retail trade association.

China and the USA announced that face-to-face negotiations aimed at ending their tariff war will be held in Washington in the coming weeks, amid skepticism on both sides that any substantive progress can be made.

The news will be seen as a sign of optimism in a trade war that has weighed on the global economy and stock markets while also shaking diplomatic relations between the two global powers. -China talks sent U.S. Treasury yields higher on hopes a trade deal might remove an impediment to growth. The two sides had a good phone call and will try to make real progress, a spokesman told reporters later on Thursday in Beijing.

Trump on Thursday remained silent on Twitter about the newly agreed talks, and none of his key economic aides appeared on morning talk shows. Trump had lashed out at Beijing in past months, frustrated by its failure to follow through on purchases of USA farm products that he said were agreed in his meeting with Chinese President Xi Jingping in June.

While the Trump administration ratchets up the tariff pressure, China is having to add stimulus to support its slowing economy.

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