China, U.S to resolve trade disputes

U.S, China

China’s Ministry of Commerce says it will dispatch a delegation to the United States for trade talks in late August, the first official exchanges since earlier negotiations broke down two months ago.

The Ministry in a statement on its website on Thursday disclosed that the Chinese delegation would be led by the Vice Commerce Minister, Wang Shouwen to meet with an American group led by David Malpass, Under Secretary of the Department of the Treasury, at the invitation of the U.S.

The Ministry reiterated in the statement that China was against unilateralism and trade protectionism, and would not accept any unilateral trade restrictions.

“China welcomes communications and dialogue on the basis of reciprocity, equality and integrity,” it said.

It would be recalled that the two nations had appeared to have reached a deal in May 2018 after Chinese Vice Premier Liu He led a group of officials to Washington, but Trump backed away from the agreement a few days later.

Since those talks ended, the U.S. and China have been locked in a trade standoff as they slapped tariffs on billions of dollars of each other’s goods.

The Trump administration slapped duties on $34 billion of Chinese goods last month, a move that also prompted immediate retaliation from China.

Another $16 billion in levies will be effective later in August.

Earlier this month, China announced a list of $60 billion worth of U.S. imports it plans to apply tariffs on, after Trump ordered officials to consider imposing a 25 percent tax on $200 billion worth of Chinese goods, up from an initial 10 percent rate.

Peace PIAK