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

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

The move was in response to a threat from Washington to increase tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent. Prices of Chinese farm goods fell amid hopes that supplies of USA soybeans, used to make cooking oil and animal feed, may resume if talks bring an end to the dispute.

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 welcomes dialogue and communication on the basis of equity, equality and integrity", the official statement added.

It's unclear whether the trade talks will take place before or after August 23rd, . which is when Washington is due to activate additional tariffs on 16-billion dollars of Chinese goods, .an action Beijing has vowed to respond in kind to immediately. The Shanghai Composite Index closed down 0.6% and Hong Kong's Hang Seng finished 1% lower.

Both sides appeared to have reached a deal in May after a team led by China's Vice-Premier Liu He, President Xi Jinping's top economic adviser, flew to Washington.




The crunch visit comes as the two biggest economic superpowers remain locked in an increasingly bitter trade war.

Beijing will send a delegation to Washington this month, led by Wang Shouwen, its vice commerce minister, following an invitation from the Trump administration.

Our Country was built on Tariffs, and Tariffs are now leading us to great new Trade Deals - as opposed to the frightful and unfair Trade Deals that I inherited as your President.

The president has argued that the tariffs are necessary in order to secure better trade deals, even though the USA has yet to establish any new agreement since the duties were put in place.

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