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Next US-China Trade Talks In October


China announced that its trade representatives will travel to Washington in October to resume the stalled trade talks with their American counterparts.

China's state run Xinhua news agency reported that an agreement to this effect was reached in Chinese Vice Premier Liu He's phone talk with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Liu He is the head of the Chinese delegation for the China-U.S. comprehensive economic dialogue.

"The two sides agreed to hold the 13th round of China-U.S. high-level economic and trade consultations in early October in Washington and maintain close communication before that," the report says.

Ahead of the high-level talks, working groups of the two sides will hold preparatory consultations in mid-September.

Despite the escalation in a tit-for-tat trade war between the two economic giants, President Donald Trump had said at the weekend that there is no change in trade talks with China, which was scheduled for later this month. Washington has not confirmed the change of date.

The latest round of China-U.S. high-level trade talks will take place in the background of retaliatory tariffs that the two trade rivals imposed on each other this month.

on September 1, the U.S. Government imposed 15 percent import duty on certain Chinese products worth $125 billion. The Chinese products subject to new U.S. tariff include footwear, smart watches, food, flat-panel televisions, smart speakers, Bluetooth headphones and clothing.

In retaliation, China imposed measures targeting $75 billion worth of U.S. goods, including 5 percent duty on crude oil imported from the United States.

For $250 billion worth of Chinese imports, the United States Trade Representative will levy an increased tariff rate of 30 percent from October 1.

Although Trump claims that the punitive measures are intended to pressure China to change its policies hazardous to the U.S. economy, the cost of the additional tariffs on Chinese imports are passed on to U.S. consumers.

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