China and the United States agreed on Thursday to hold the thirteenth round of high-level Sino-US economic and trade talks in Washington in early October, which relieved investors who hoped that the trade war would ease. At present, the new round of tariff increases by the United States on Chinese consumer goods is gradually weakening global economic growth.
China's Ministry of Commerce said in a statement that the new consultation arrangement was finalized when Vice Premier Liu He of the State Council spoke with U.S. Trade Representative Letterheiser and Finance Minister Mnuchin.
This will be the first face-to-face high-level talks between China and the United States since the failure of trade negotiations at the end of July. After the failure of the negotiations, President Trump announced that he would impose new tariffs on almost all Chinese imports that had not been involved in the trade war.
However, there is no indication that the United States intends to withdraw the first round of 15% tariff imposed on Chinese goods on September 1, or to stop the 25% tariff increase on Chinese goods, which is scheduled to be imposed on $250 billion from October 1.
The U.S. Office of Trade Representatives (USTR) did not specify the timing of the ministerial consultation, but said it would be held "in the coming weeks".
"Prior to the consultation, the deputy-level consultation will take place in mid-September to fully prepare for substantive progress in the high-level consultation," USTR spokesman Jeff Emerson said in a statement.
The United States and China still differ greatly on the content of the trade agreement, and little progress has been made since the breakdown of the negotiations in May. At that time, the United States accused China of withdrawing its previous commitment to substantially modify intellectual property protection, transfer American technology to Chinese enterprises and improve China's market access laws and practices.
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