China-US to resume trade talks after tit-for-tat tariff battle

US-China

The visit is at the invitation of the United States, the ministry said in a short statement.

China and the United States have announced formal trade negotiations for the first time since their fierce dispute led to tariffs on products worth tens of billions of dollars.

There also remains a wide gap between the two sides over Washington's demands that Beijing improve market access and intellectual property protections for USA companies, and slash a $375 billion trade deficit with China.

While Liu and Ross had also been involved in the four previous rounds, US Treasury Secretary Steven Mnuchin absence from the coming round rendered it a lower-level meeting. Since those talks ended, the USA and China have been locked in a trade standoff as they slapped tariffs on billions of dollars of each other's goods.

Those tariffs will be the latest action in an ongoing tit-for-tat exchange of duties between the two countries, prompting concerns of an escalating trade war between the world's two largest economies.

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.

'Turkey's partnership with U.S. 'in jeopardy'
Erdogan blamed his country's economic downturn on the USA and other nations that he claims are waging "war" against his country. He has said Turkey's economy remains strong, noting a 7.4 percent growth rate in the first three months of this year.

Mexico's incoming president-elect has expressed his willingness to negotiate a more free and fair deal with the U.S.

Chinese stocks also reversed losses Thursday morning after the announcement of further trade talks.

Brent crude oil futures were at $71.11 per barrel at 0712 GMT, up 35 cents, or 0.5 percent, from their last close.

Washington is due to activate additional tariffs on $16 billion of Chinese goods on August 23, and Beijing has said it will respond in kind.

Trump asked Kudlow in the Cabinet meeting how the USA economy was doing compared to China's economy.

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