Published: Fri, August 17, 2018
Markets | By Josh Butler

U.S., China to Resume Trade Talks as Tariffs Bite

U.S., China to Resume Trade Talks as Tariffs Bite

"The Chinese side reiterates that it opposes unilateralism and trade protectionism practices and does not accept any unilateral trade restriction measures", the ministry said.

The Chinese Commerce Ministry announced Thursday that a delegation will travel to the United States later this month for talks.

US futures gained on the news.

News of the meeting gave a lift to the yuan and helped cap losses in China's stock markets.

"The lower rank of the delegation suggests that both sides remain far apart, and an agreement reached for this visit is very unlikely", Jonas Short, head of the Beijing office at investment bank Everbright Sun Hung Kai, wrote in a note.

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.

The two governments are poised to impose a new round of tariff hikes on $16 billion of each other's goods next week in their worsening conflict over Beijing's technology policy.

North Korea condemns new United States sanctions
South and North Korea technically remain at war as the Korean War ended only with the armistice treaty. The US remains cautious as it wants to see progress in denuclearization talks first.

Beijing has said it will retaliate in kind.

Four U.S. and Chinese sources in the business community said they had low expectations for the talks, particularly if officials from USTR were not involved.

Markets around the world are up on news that the US and China are going to be talking again about their trade relations.

Chinese Vice Premier Liu He held talks with US Commerce Minister Wilbur Ross in Beijing in June.

"Those talks are hot, you know, they're heated and they're going rather well", said the economic adviser.

Our Country was built on Tariffs, and Tariffs are now leading us to great new Trade Deals - as opposed to the awful and unfair Trade Deals that I inherited as your President. Another $16 billion in levies will be effective later in August.

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