Representatives from China and the USA are planning to meet in January to negotiate an agreement on putting an end to the trade war between the two countries, the Chinese Commerce Ministry said on Thursday. The group will also include Treasury Undersecretary for International Affairs David Malpass, the people said.
At the meeting in Buenos Aires, the two leaders agreed to a 90-day truce in the trade war between the world's two largest economies. China also announced that they will suspend implementing tariffs on US -made Vehicles and auto parts for three months starting Jan.1.
It appears to Chinese officials that the US itself isn't clear on what it wants, said the people, who asked not to be named because the negotiations are private. Washington, meanwhile, made a decision to delay until March 2, 2019, the entry into force of additional tariffs of between 10 and 25 percent, and of 200 billion dollars on imports from China. Visit MarketWatch.com for more information on this news.
Gao Feng, spokesperson at the commerce ministry told reporters that they will continue consultations through intensive telephone calls at the moment and he also said that the negotiations have been the Christmas break in the United States.
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U.S. Trade Representative Robert Lighthizer, who was put in charge of the China talks, said the negotiations would not be extended beyond the 90-day deadline.
Publicly, Trump is pushing the Asian nation to reduce trade barriers and stop alleged theft of intellectual property. The two leaders also settled to continue their negotiations while the United States rescheduled it planned tariff increase which was supposed to be implemented on January 1.
While it's positive that USTR will be leading the delegation next month, the two sides are not on track to make the kind of large-scale breakthrough that the Trump administration is seeking, according to Derek Scissors, a China expert at the American Enterprise Institute.
The two sides are maintaining "close communication", Gao said.