Chinese official to visit U.S. to resume talks to end trade war

A Chinese delegation led by Vice Commerce Minister Wang Shouwen will meet with an American group led by David Malpass later this month

China's Commerce Ministry says Vice Minister Wang Shouwen will meet with David Malpass, an assistant U.S. Treasury secretary for global affairs.

News of the meeting gave a lift to the yuan and helped cap losses in China's stock markets.

A senior USA government official confirmed the talks and said: "We expect to discuss steps to achieve a more balanced trading relationship".

The Chinese delegation will be led by Vice Minister of Commerce Wang Shouwen, while the United States team is led by Under Secretary of Treasury for International Affairs David Malpass, the Ministry of Commerce said in a statement on its website.

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Chinese Vice Premier Liu He held talks with US Commerce Minister Wilbur Ross in Beijing in June. Beijing retaliated by imposing the same percentage of retaliatory tariffs on 545 USA items, also worth $34 billion.

President Trump has declared that a trade war with Beijing would be "easy to win" and that he was willing to impose tariffs on up to $500 billion of Chinese products after declaring that a trade war with Beijing...

The announcement by the Chinese commerce ministry of the planned meeting in late August comes after a lull in talks between the two sides.

Previous rounds of talks between the two sides failed to make much progress, resulting in the outbreak of a trade war.

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The United States' economic boom is the "single most important political story" that has happened this year, National Economic Council Director Larry Kudlow said Thursday.

The U.S. Treasury Department led by Steven Mnuchin has been viewed as most opposed to tariffs among key Trump administration agencies, espousing a more moderate approach to China than trade hardliners such as USTR's Robert Lighthizer.

Markets around the world are up on news that the USA and China are going to be talking again about their trade relations.

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