China, US look to diffuse trade conflict; talks slated late August

China, US look to diffuse trade conflict; talks slated late August

China, US look to diffuse trade conflict; talks slated late August

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

President Trump has declared that a trade war with Beijing would be "easy to win" and that he was willing to impose tariffs on up to $500 billion of Chinese products after declaring that a trade war with Beijing...

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump's demand to drastically reduce the $375 billion trade deficit.

The Chinese government did not say what topics would be discussed at the upcoming meeting, but reiterated Beijing's stance that it opposes "unilateralism and trade protectionism".

While Mr Liu and Mr Ross had also been involved in the four previous rounds, US Treasury Secretary Steven Mnuchin's absence from the coming round rendered it a lower-level meeting.

Reuters reported Thursday that representatives from the Treasury Department will meet with China's Vice Minister of Commerce Wang Shouwen and other officials in Washington, D.C.

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"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.

U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.2 percent, at $65.17 a barrel, held back somewhat by rising U.S. crude production and storage levels.

After negotiations in Washington in May, Beijing believed it had assurances from the USA that tariffs were off the table, with Mnuchin saying the trade war and tariffs were "on hold".

"Wang Yiwei, a professor at Renmin University's global studies, said Wang's trip follows the Communist Party's annual closed door meeting at the Beidahe resort, where the trade war was likely to have been one of the main topics of discussion".

Trump asked Kudlow in the Cabinet meeting how the USA economy was doing compared to China's economy.

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