US, China to resume trade talks in Washington in October

Beijing: Beijing said Thursday that China and the United States will resume trade negotiations in Washington in early October. There is concern that new punitive tariffs will lead to the collapse of long-term negotiations.

The economies of the two largest countries in the world started with a long tax rate for a year, and on September 1 both sides changed new charges for goods worth hundreds of millions of dollars.

The talks are expected to resume this month, but China's Commerce Minister said Beijing's vice president, trade vice president Ryu Huh, agreed in October to call a phone call with US Trade Representative Robert Wright Riser and Treasury Secretary Stephen Moulin.

A government official said in a statement that "they agreed to cooperate and take practical steps to create favorable conditions for consultation."

Both sides added that they will "keep close communication" ahead of the talks.

This news is not only seen as a sign of optimism in trade wars focused on the world economy and stock markets, but also shakes diplomatic relations between the two world powers.

The top officials met in Shanghai last July for a discussion that was described as & # 39; constructively & # 39; but ended without announcement.

President Donald Trump will soon raise tariffs on imports of more than $ 5 billion, urging Beijing to respond with new tariffs on $ 75 billion of US goods. These were the charges that started this month.

Trump continued to relax throughout the summer earlier this week, accusing Chinese negotiators would win a better deal in hopes of winning the next presidential election.

The US president also argued that China is returning to the negotiating table due to China's slowing economy.

Policy tools

Official officials said Wednesday Wednesday that Beijing officials discussed new measures to help the Chinese economy continue to grow in the face of "a very complex and demanding external environment."

The policy tools proposed by the State Council executive meeting chaired by Prime Minister Li Keqiang include cuts in the amount of cash banks that must be retained, especially to encourage lending to small businesses. Increased use of local government bonds to finance infrastructure projects.

This week, economists, including Bloomberg Economics, lowered the forecast for China's economic growth in 2020 to less than 6.0 percent due to increased risks from the tariff war with the United States.

But as Trump pointed out China's economic weakness, observers warned Tuesday that the survey that the US manufacturing sector contracted for the first time in three years was a worrying sign.

At a recent Group of Seven meeting in France, Trump talked about new communications between US and Chinese negotiators. China's foreign ministry said it did not know contact with China.

This week Beijing said it filed a complaint against the United States to the World Trade Organization the day after the new tariff came into force.

The US-China negotiations began in earnest in January and seemed to make progress at first, but Trump suddenly withdrew in the spring.

They resumed their highest level in June at the G20 summit margin in Osaka, Japan, when Trump met Xi Jinping in China.

But with complaints from the World Trade Organization (BTO), Beijing accused the new US tariffs of "severally violating the agreements of our two leaders in Osaka."

Source Link : https://www.pakistantoday.com.pk/2019/09/05/us-china-to-resume-trade-talks-in-washington-in-october/

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