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China, U.S. to hold trade talks in October; Beijing says phone call went well

Published 09/05/2019, 04:36 AM
Updated 09/05/2019, 04:36 AM
China, U.S. to hold trade talks in October; Beijing says phone call went well

BEIJING (Reuters) - China and the United States on Thursday agreed to hold high-level trade talks in early October in Washington, amid fears that an escalating trade war could trigger a global economic recession.

The talks were agreed to in a phone call between Chinese Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's commerce ministry said in a statement on its website. China's central bank governor Yi Gang was also on the call.

"Both sides agreed that they should work together and take practical actions to create good conditions for consultations," the ministry said.

"Lead negotiators from both sides had a really good phone call this morning," ministry spokesman Gao Feng said in a weekly briefing. "We'll strive to achieve substantial progress during the 13th Sino-U.S. high-level negotiations in early October."

Gao also said Beijing opposes any escalation in the trade war.

Trade teams from the two countries will hold talks in mid-September before the high-level talks next month, the ministry said.

A spokesman for the U.S. Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks".

News of the early October talks lifted most Asian share markets on Thursday, raising hopes these can de-escalate the U.S.-China trade war before it inflicts further damage on the global economy.

On Sunday, Washington began imposing 15% tariffs on an array of Chinese imports, while China began placing duties on U.S. crude oil. China said on Monday it had lodged a complaint against the United States at the World Trade Organization.

The United States plans to increase the tariff rate to 30% from the 25% duty already in place on $250 billion worth of Chinese imports from Oct. 1.

U.S. President Donald Trump had warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that disputes between the United States and China could trigger a U.S. recession.

Chinese leaders will have a packed schedule next month, gearing up for National Day celebrations scheduled for Oct. 1.

They will also hold a key meeting in October to discuss improving governance and "perfecting" the country's socialist system, state media has said.

Latest comments

It will be October so....Is it goong to be a trick? Or treat?
Text: "We'll strive to achieve substantial progress during the 13th Sino-U.S. high-level negotiations in early October." Excluded: " Then, we'll come up with newer tariffs."
Too much emphasis has been put on trade with China that could easily be moved to other parts of Asia. Two problems with china, farming and technology. Farming can be moved though it's hard to replace the Chinese demand. Technology theft just needs to be handled with a walk softly and carry a big stick mentality. Something real estate agents apparently don't know anything about.
If it was going to be that easy of a "walk" they would not even retaliate to begin with.
China is overwhelmed. They are use to US politicians and US CEOs going along with their unfair trade practices out of greed in the past but now realize that the US will not back down and the people of Hong Kong will fight till the end for their personal freedom.
What is today's tweet from the real estate agent that lives in the White house?
pictures or it never happened. Untill we see these guys meet face to face, we don't trust these 'calls'
Trying so hard to keep the markets propped up.
decided to dust my crystal ball off today and was told no deal would reached in October... on a serious note though; do people really think china will change their policy within 1 months time?
it is very likely that China will propose a small compromise, but if US is going to attach to any "internal matters" like legalization or Hongkong, the deal is gone. Let's see if Trump is tough enough.
Fake
If I can get a dollar every time both were not agree to trade talk.
Just like the last two times. tldr; we had a meeting to figure out when to meet. People buying into this deserve to lose money.
“Both sides agreed that they should work together and take practical actions to create good conditions for consultations”. In other words, find a bright shiny object to distract DJT for a little while.
what happened to September meeting? can we give back the huge gain on that fake news?
no matter who wins or loses, doesn't change the fact that the result is defined by who lost the most money. in the end, this bloodbath still runs with our blood, the retailers who didn't know any better. sad...so sad
Nah..What is sad is how China has abused, lied and cheated it's way onto the world stage by either forcing companies to "share" their intellectual property or outright stealing it. Finally, someone had the guts to do the hard thing and stand up to the Chinese bully. Of course, there are always those weak people who will run from any conflict, preferring the safety of regular abuse over standing up for themselves.
  i believe Trump is an idiot, a person who will enrich himself and his family as much as possible at the expense of the country, and who will be recognized in the years to come as the worst President of the USA ever. However, in his approach with China, yes, he does the right thing.. . But who cares, since we and all our families, and all Chinese families, will all be dead in 2100 if he keeps on ridiculing global warming.. And when the Poles are gone (not the country of Poland but the real ice reserves of the planet) you won't be worrying about economy or trade anymore. You will be worrying about the climate and the ability to survive on the planet.
I just found out that Obama doesn’t actually believe in climate change. As a democrat, he used climate change to get votes.
Hopeless market!
In oct...lol...many thing will happen in that time
waiting for next tweet ....
Lol man , you got him correctly.watch vrus stock gift 4 u
Nothing has changed. Just information. I wonder how the Q3 will hit the companies due to trade-war. A very exciting fall/winter..
Speculation everywhere.
What speculation? China is giving in to rhe pressure.
lol this article Picture ..China will be winner at last
Build factories in Vietnam Philipinnes Malaysia and thailand . Time to move on
there is already factories there, and they will continue to grow. But it will not stop China growth, China is not only producing shoes anymore. On the other Side it will make no difference for US/EU decline. Nothing to stop this phenomenon, it's capitalist applied to countries. the ''West'' is declining, that's it, trades wars and others will just accelerate it. At the end it's just Ego and reality deny Which create the actual economical climate(btw, French opinion)
Don't build Lynus will do
There are factories in other countries and they are OWNED by Chinese companies! God I wish you people would do some research.
so what is the big deal nothing is changing
look indices pump up on every hope pfft
they are just letting their institutional friends time to liquidate....
There is no solution until China imports $500 billions worth of good from US. There is no one way road dear China. I'm seeing a clearly that China ruining it's export business. US will stop import from China, this is just matter of time.
this year tarif will be on importir, next year will be on consumers, enjoy the tarif togethers..
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