China, U.S. to Reactivate Trade Talks

China will dispatch Vice Commerce Minister Wang Shouwen to the U.S. for low-level trade talks in late August, the first official exchanges since earlier negotiations broke down two months ago. The Chinese delegation, led by Wang, will meet with an American group led by David Malpass, undersecretary for international affairs at the Department of the Treasury, at the invitation of the U.S.

The two nations had appeared to have reached a deal in May after Chinese Vice Premier Liu He led a group of officials to Washington, D.C. But President Donald Trump backed away from the agreement soon afterward, and ever since, the two sides have been locked in a trade standoff as each slapped tariffs on billions of dollars of each other’s goods.

The Trump administration imposed duties on $34 billion in Chinese goods last month, a move that also prompted immediate retaliation from Beijing. Another $16 billion in levies will be effective later in August. Earlier this month, China announced a list of $60 billion in U.S. imports it plans to apply tariffs on, after Trump ordered officials to consider imposing a 25% tax on $200 billion in Chinese goods, up from an initial 10% rate.

Source: AgriMarketing

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