Abb Takk News

US, China To Resume Trade Talks in Washington in October

BEIJING: China and the United States will resume trade talks in Washington in early October, Beijing said on Thursday, allaying fears that new punitive tariffs would lead to a breakdown in the protracted negotiations.

The world’s two biggest economies have been embroiled in a tense year-long tariffs row, which escalated on September 1 when both sides swapped fresh levies on goods worth hundreds of billions of dollars.

The talks were supposed to have resumed this month but China’s commerce ministry said Vice Premier Liu He, Beijing’s pointman on trade, agreed to October in a phone call with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday.

The news will be seen as a sign of optimism in a trade war that has weighed on the global economy and stock markets while also shaking diplomatic relations between the two global powers.

Equities in Asia jumped on Thursday, with Shanghai adding one percent and Tokyo up more than two percent.

Top officials last met in Shanghai in July for discussions that were described as “constructive” but ended with no announcements.