US, China holding lower level trade talks later this month

China: Trade talks with the US are back on

After negotiations in Washington in May, Beijing believed it had assurances from the US that tariffs were off the table, with Mnuchin saying the trade war and tariffs were "on hold". China's government has issued a list of American goods for retaliation.

China's commerce ministry reiteratedthat Beijing opposed trade protectionism and would not accept any unilateral trade restrictions.

The Chinese delegation will be led by Vice Commerce Minister Wang Shouwen, who will hold talks with David Malpass, the US Treasury Department's under secretary for worldwide affairs, according to the Chinese statement. "China welcomes communications and dialogue on the basis of reciprocity, equality and integrity", it said.

Trade talks will be held late August.

China announced Thursday that it will send a delegation to the USA 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.

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Unless there is some breakthrough the United States and China are preparing to a next round of retaliatory levies, having implemented tariffs on $34 billion of each other's exports on July 6.

"The lower rank of the delegation suggests that both sides remain far apart, and an agreement reached for this visit is very unlikely", Jonas Short, head of the Beijing office at investment bank Everbright Sun Hung Kai, wrote in a note.

A Chinese trade delegation will visit the United States this month to kick off a new round of talks, the first since negotiations broke down two months ago.

News of the talks boosted China's yuan currency and its stock markets, which have been hit hard by negative sentiment related to the trade war and a slowing domestic economy. "China realises how serious the trade war with the United States is and does not want a more serious confrontation", he said.

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