China’s Vice Commerce Minister to visit United States for trade talks

A Chinese delegation led by Vice Commerce Minister Wang Shouwen will meet with an American group led by David Malpass later this month

A Chinese delegation led by Vice Commerce Minister Wang Shouwen will meet with an American group led by David Malpass later this month

"The Chinese side reiterates that it opposes unilateralism and trade protectionism practices and does not accept any unilateral trade restriction measures", the ministry said.

China announced Thursday that it will send a delegation to the US later this month for trade negotiations, after the two countries started imposing tit-for-tat tariffs on goods from each other and Washington tightened controls on investment.

Having made little progress in the previous meetings, the White House said on August 3 that the United States is open to further talks with China on how to resolve the festering trade dispute.

China and the US reached a modest breakthrough in their standoff over trade, saying they will hold lower-level talks later this month on the spiraling dispute.

There was no immediate response from the U.S. Treasury to the announcement from Beijing.

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"Wang Yiwei, a professor at Renmin University's worldwide 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".

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.

Prices of Chinese farm goods fell amid hopes that supplies of U.S. soybeans, used to make cooking oil and animal feed, may resume if talks bring an end to the dispute. The Trump administration started to impose last July 6 tariffs on $34 billion in Chinese imports.

Trump has insisted on imposing tariffs on China and some USA allies for national security reasons, even as Republicans and Democrats alike have warned that the policy will ultimately hurt American workers. Another $16 billion in levies will be effective later in August. But Trump backed away from the agreement and the two nations have been locked in a tit-for-tat trade war ever since.

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