Chinese official to visit U.S. to resume talks to end trade war

Chinese official to visit U.S. to resume talks to end trade war

Trump asked Kudlow in the Cabinet meeting how the USA economy was doing compared to China's economy. Earlier this month, China announced a list of $60 billion worth of US imports it plans to apply tariffs on, after Trump ordered officials to consider imposing a 25 percent tax on $200 billion worth of Chinese goods, up from an initial 10 percent rate.

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

While the engagement was seen by analysts and business officials as positive, they cautioned that the talks were unlikely to lead to a breakthrough given they are among lower level officials and led on the U.S. side by the Treasury Department, not the U.S. Trade Representative (USTR).

The delegation led by a deputy commerce minister will visit in late August to discuss "issues of mutual concern", the Commerce Ministry announced Thursday.

Chinese Vice Premier Liu He held talks with US Commerce Minister Wilbur Ross in Beijing in June.

The ministry reiterated in the statement that China is against unilateralism and trade protectionism, and won't accept any unilateral trade restrictions.

News of the meeting gave a lift to the yuan and helped cap losses in China's stock markets.

Iran's Khamenei rejects talks with Trump
Khamenei continued, "Economic experts and many officials believe that on this issue the prime agent is not foreign but domestic". US President Donald Trump has warned that any country trading with Iran will "not be doing business with the United States".

Washington is due to impose tariffs on another $16 billion of Chinese goods on August 23, and China has warned that it will retaliate to that move.

In a White House cabinet meeting, Kudlow said the decline of the yuan currency in recent months showed that the United States had an upper hand in the trade war. He continued, "Right now, their economy looks bad".

"All my friends who worked in the Obama administration, and I have a bunch of them, told us repeatedly we could never grow faster than 2 percent", said Kudlow.

White House economic adviser Larry Kudlow said the "single biggest event" of 2018 is "an economic boom that most people thought would be impossible".

But less than 10 days later, the White House said it would push forward on planned tariffs on $50 billion of Chinese imports and curbs on investments by Chinese companies in the United States.

Trade Representative Robert Lighthizer has been meeting with Mexican officials as the US works to renegotiate NAFTA.

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