China, US to resume trade talks in late August

China will send a senior negotiator to the United States in late August to resume trade talks, its commerce ministry said Thursday, the first public meeting on the dispute in weeks as the trade conflict intensifies.

Beijing and Washington have slapped tariffs on tens of billions of dollars worth of each other's goods since they held their last high-level meeting in June, raising fears that the trade war could shake the global economy.

At the invitation of the United States, a delegation led by Vice Commerce Minister Wang Shouwen, the deputy representative on international trade negotiations, will meet with a team led by senior US treasury official David Malpass, the ministry said in a statement.

The United States slapped tariffs on $34 billion worth of Chinese goods in early July, triggering an immediate dollar-for-dollar retaliation from Beijing

"The Chinese side reiterates that it opposes unilateralism and trade protectionism practices and does not accept any unilateral trade restriction measures," the ministry said.

"China welcomes dialogue and communication on the basis of reciprocity, equality and integrity."

US Commerce Minister Wilbur Ross held talks with Chinese Vice Premier Liu He in Beijing in June. Liu had met with US Treasury Secretary Steven Mnuchin in Washington a month earlier.

- Tit-for-tat -

But the discussions failed to reduce tensions as the United States slapped tariffs on $34 billion worth of Chinese goods in early July, triggering an immediate dollar-for-dollar retaliation from Beijing.

The two countries are expected to launch a new round of tit-for-tat tariffs on $16 billion worth of goods from each country on August 23.

Washington has also lined up an additional $200 billion in Chinese imports and US President Donald Trump said he could raise tariffs on those products to 25 percent instead of the previously touted 10 percent.

AFP