China will send a top negotiator to the United States in late August to resume trade talks, Chinese Commerce Ministry said today, the first public meeting on the subject in weeks as the trade conflict intensifies.
Vice Commerce Minister Wang Shouwen will meet with a senior US Treasury official, David Malpass, at the invitation of the United States, the Ministry said.
China says it opposes unilateralism and trade protectionism practices
"The Chinese side reiterates that it opposes unilateralism and trade protectionism practices and does not accept any unilateral trade restriction measures," the Ministry said, adding that China welcomes dialogue and communication on the basis of reciprocity, equality, and integrity.
US slapped tariffs on $34 billion worth of Chinese goods
US Commerce Minister Wilbur Ross held talks with Chinese Vice Premier Liu He in Beijing in June.
But the discussions failed to reduce tensions as the US slapped tariffs on $34bn-worth Chinese goods in early July, triggering an immediate retaliation from Beijing.
Two countries plan to launch a new round of tit-for-tat tariffs on $16bn worth of goods from each country on August 23.
Positive signal that two countries are looking for compromise: Market-Analyst
Washington has also lined up an additional $200bn in Chinese imports and US President Donald Trump said he could raise tariffs on those products to 25%.
"It is hard to tell how the talks will go but it's a positive signal that the two countries are looking for some compromise plan," said Makoto Sengoku, Market Analyst at Tokai Tokyo Research Institute.
Tariffs have yet to make impact on country's economy: China
Chinese officials say the tariffs have yet to make an impact on the country's economy, with its exports even beating forecasts in July. But analysts warned that China could feel the full effect of tariffs in August.