The United States and China will return to the negotiating table late this month in an attempt to ease months of tensions that have been building since trade talks broke down this year and both countries began imposing escalating rounds of tariffs on each other.To get more china business news today, you can visit shine news official website.
China said on Thursday that it would send a delegation led by Wang Shouwen, its vice minister of commerce, to Washington to meet with a group of officials led by David Malpass, the Treasury Department’s under secretary for international affairs. Although Trump administration officials have repeatedly said the ball is now in China’s court to revive the faltering discussions, the Chinese government said the trip was being made at the invitation of the United States.
The talks come as the trade relationship between the two countries faces further deterioration. The Trump administration is preparing far more expansive tariff measures, including levies on another $16 billion worth of Chinese products that are expected to go into effect next Thursday. The administration is also scheduled to hold six days of hearings over the next two weeks to allow up to 370 witnesses to weigh in on plans for tariffs on a further $200 billion worth of Chinese products, a spokeswoman for the United States trade representative said.
If all of those tariffs go into effect, the United States would be taxing roughly half of the goods it imports from China each year, raising prices for a broad swath of manufacturers, retailers and other industries.The meeting between midlevel officials is a departure from the formal rounds of talks between top economic teams from the United States and China that took place during the early days of the Trump administration and the trade meetings led by Steven Mnuchin, the Treasury secretary, and Liu He, China’s vice premier in charge of economic policy, this spring.
Larry Kudlow, the director of the White House’s National Economic Council, sought to lower expectations on Thursday and insisted that President Trump had no intention of backing down on his demands.Any time you’re talking, that’s better than not talking,” Mr. Kudlow said in an interview with CNBC.Mr. Kudlow said that the demands of the United States have not changed, and that China must lower its tariff and non-tariff barriers and cease the theft of American intellectual property.
"The Chinese government in its totality must not underestimate President Trump’s toughness and willingness to continue this battle,” Mr. Kudlow added.Beyond tariffs, currency concerns have re-emerged as an issue in the Trump administration, and they are expected to come up during this round of talks.The value of China’s currency, the renminbi, has fallen roughly 10 percent against the dollar since the beginning of April, a change that makes Chinese products cheaper for foreigners to purchase and helps offset the impact of the Trump administration’s tariffs.Economists say the currency has weakened because of market forces and the strengthening of the dollar, as well as the influence of the Chinese government, which sets a baseline for the currency and then allows its value to fluctuate within a narrow band.

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