Representatives of the U.S. and Chinese governments have progressed trade talks aimed at stemming the current tariff war, with an agreement announced Thursday to hold high-level trade talks in early October.
A phone call between Chinese Vice Premier Liu He U.S. Trade Representative Robert Lighthizer, and U.S. Treasury Secretary Steven Mnuchin, resulted in some limited progress, following months of uncertainty.
“Both sides agreed that they should work together and take practical actions to create good conditions for consultations,” China’s commerce ministry said in a statement
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”.
Asian market up
News of the early October talks lifted most Asian share markets traded up on Thursday following the news, raising hopes that the financial turmoil can be assuaged before it inflicts further damage on the global economy.
“Lead negotiators from both sides had a really good phone call this morning,” Gao Feng, spokesperson for the commerce ministry said. “We’ll strive to achieve substantial progress during the 13th Sino-U.S. high-level negotiations in early October.”
The United States plans to increase the tariff rate to 30% from the 25% duty already in place on $250 billion (203.63 billion pounds) worth of Chinese imports from Oct. 1 and on Sunday, Washington began imposing 15% tariffs on an array of Chinese imports.
U.S. President Donald Trump is widely seen to be gearing up for presidential elections next year, talking touch on China to wind votes and potentially dragging the global economy toward. recession.