Video Credit: Reuters Studio - Duration: 01:04s - Published < > Embed
U.S. and China to hold high-level trade talks
China's commerce ministry said that Washington and Beijing have agreed to hold high-level talks on the on-going trade war between the two in October, after a call between U.S. Trade Representative Robert Lighthizer, U.S. Secretary Steven Mnuchin and Chinese Vice Premier Liu He.
A new round of high-level trade talks between China and the U.S. is set for early October in Washington, as the escalating trade war between the two countries sparks fears of a global recession.
The announcement came from China's commerce ministry on Thursday (September 5), following a call earlier in the day between China's Vice Premier Liu He, U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin.
A spokesman from Lighthizer's office confirmed that the pair spoke with Liu and agreed to hold the talks.
As the trade war rages on, retaliatory tariffs have become the new normal for the world's two biggest economies.
Washington slapped a fifteen percent tariff on certain Chinese imports on Sunday (September 1), as Beijing began placing new taxes on U.S. crude oil.
On October 1st, Washington also plans to increase an existing tariff on 250 billion dollars' worth of Chinese imports, from twenty five percent to thirty.
And U.S. President Donald Trump warned on Tuesday (September 2), he would be tougher on Beijing in a second term if trade talks continued to drag on.