China to send delegation for U.S. talks to avert trade war

The US Treasury Department building on Pennsylvania Avenue in Washington DC

The statement said China opposed unilateralism and trade protectionism.

A delegation of officials from China and the USA will meet later this month to discuss trade between the two countries as a round of additional tariffs from President TrumpDonald John TrumpGillibrand urges opposition to Kavanaugh: Fight for abortion rights "is now or never" Trump claims tariffs on foreign nations will rescue United States steel industry: report Bannon announces pro-Trump movie, operation team ahead of midterms: report MORE looms next week.

Vice Commerce Minister Wang Shouwen, the deputy representative on global trade negotiations, will meet with a senior USA treasury official, David Malpass, at the invitation of the United States, the ministry said in a statement.

This month's meeting would be the first between senior US and Chinese officials since June 3 talks in Beijing between Commerce Secretary Wilbur Ross and Vice Premier Liu He ended with no settlement.

U.S. futures also gained, as Dow e-minis gained 0.45 per cent on the news.

There was no immediate response from the US Treasury to the announcement from Beijing.

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

"There may be some manipulation but mostly I think investors are moving out of China because they don't like the economy, and they are coming to the US because they like our economy".

China and the United States have engaged in a round of reciprocal tariffs since July 6, when Washington officially imposed 25 percent tariffs on more than 800 Chinese products worth $34 billion. He continued, "Right now, their economy looks bad".

Trade talks will be held late August.

Four U.S. and Chinese sources in the business community said they had low expectations for the discussions, particularly if officials from USTR were not involved.

"The single biggest story this year is an economic boom that is durable and lasting that most people thought was impossible, and they were wrong", he said in closing.

Trade Representative Robert Lighthizer has been meeting with Mexican officials as the US works to renegotiate NAFTA.

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