US & China agree to resume trade talks, market space-dives

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US & China agree to resume trade talks, market space-dives

On Thursday, the 5th of September 2019, Washington and Beijing had agreed to resume a high-stake, face-to-face trade talk by early October in Washington, while financial markets all over the world were cheering over the news on renewed hopes that the trade-war-struck nations might just find a way out of their terrible trade relationship next month, as new tariffs on each other’s goods imposed on last weekend, September 1st, had already begun to stress consumers with higher prices on made-in-China goods.

Besides, according to a statement of Chinese commerce ministry earlier on Thursday (Sept. 5th), latest round of face-to-face trade talk between US and China amid additional levies on each other’s goods, had been arranged followed by a phone conversation between Chinese Vice Premiere, Liu He and US Trade Representative Robert Lighthizer alongside US Treasury’s Steven Mnuchin.

In point of fact, the October meet would be the first face-to-face, in-person, high-level trade talk between the United States and China since a failed Sino-US trade meet later on July that encouraged US president Donald Trump to incline a fresh round of tariffs on Chinese imports, a move which was met with Chinese retaliation with added duties on $75 billion of US exports alongside a curb on rare earth element supply.

Expressing optimism of a meaningful progress, a USTR spokesman Jeff Emerson said in a statement following the announcement of Chinese Commerce Department, “In advance of these discussions, deputy-level meetings will take place in mid-September to lay the groundwork for meaningful progress. ”