United States and China to hold trade talks in Beijing next week

Screenshot  CNN

American envoys are due in Beijing for talks Monday in a tariff battle over Chinese technology ambitions.

China said a United States delegation will visit next week for trade talks, confirming that the two sides will have their first face-to-face negotiation since President Donald Trump and his counterpart, President Xi Jinping, agreed to a 90-day truce in their trade war last month.

The US delegation is to be led by US Deputy Trade Representative Jeffrey Gerrish, it said without giving other details about the agenda or participants.

Washington and Beijing have exchanged tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade, locking them in a conflict that has begun to eat into profits and contributed to stock market plunges.

Trade negotiations could still be affected due to the diplomatic row following the arrest of Huawei's Chief Financial Officer Meng Wanzhou in Canada at the request of the United States for allegedly violating sanctions against Iran.

In the same year, late paramount leader, often credited with China's "Reform and Opening" policy which led to its economic transformation, met U.S. president in the United States. The shares closed at US$148.26 on Friday, down about 5.1 percent for the week.

Chinese economic growth fell to a post-global crisis of 6.5 percent in the quarter ending in September.

More news: Market swoon raises stakes for US-China trade talks next week

The ministry said in a statement that vice minister-level officials from the two countries spoke on the phone and decided on the trip that aims to pick up on the consensus reached by the leaders in Argentina last month.

In a separate statement on Friday, USTR said the delegation will also include Under Secretaries from the US Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from those agencies and the White House. They criticize his tactics but echo USA complaints about Chinese industrial policy and market barriers.

The dispute has rattled companies and financial markets that worry it will drag on global economic growth, already showing signs of declining.

He said slowing consumer demand in China gives Trump an edge in ongoing trade negotiations.

For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications.

Another 33 percent of companies said they plan to move out of China in the next six to 12 months, according to the UBS report.

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