China, US to hold trade talks in October as mistrust remains

An employee works on the production line of a television factory under Zhaochi Group in Shenzhen China

On Sunday, Washington began imposing 15% tariffs on an array of Chinese imports, while China began placing duties on USA crude oil.

Commerce Minister Zhong Shan, People's Bank of China Governor Yi Gang and Ning Jizhe, the deputy head of the economic planning commission, were also on the call, the Commerce Ministry statement said.

Some within the Trump administration are skeptical that China is willing to make the sort of broad commitment to reforms sought by the USA that caused a breakdown in talks in May, according to people familiar with the officials' thinking. -China trade optimism and upbeat US economic data stoked risk appetite and lured investors away from safe-haven assets.

China's Commerce Ministry said its trade team will consult with its United States counterpart in mid-September in preparation for negotiations in early October, and both sides agreed to take actions to create favorable conditions.

Trump and Chinese President Xi Jinping this summer agreed the United States would ease restrictions on Huawei Technologies and China would make unspecified purchases of USA farm products.

CNN reports that markets around the world began to rally after news that the two sides were resuming trade talks in the coming weeks. Asian markets reacted positively to the news on Thursday.

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The United States and China have agreed to resume face-to-face negotiations meant to end their ongoing trade war, CNN reports. Worries over the UK's messy divorce from the European Union has also been fueling global uncertainties along with the trade conflict between Washington and Beijing.

U.S. President Donald Trump was so angry after China hit U.S. imports with retaliatory tariffs that he wanted to double all tariffs on Chinese imports before settling on a smaller increase, according to a Wednesday report by CNBC.

"Lead negotiators from both sides had a really good phone call this morning", China's commerce ministry spokesman Gao Feng said in a weekly briefing.

The US president in the past has said he would be open to including Huawei in talks to reach a trade deal with Beijing.

On Tuesday, Trump had warned he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that disputes between the United States and China could trigger a US recession.

The rise in U.S. Treasury yields was on top of an earlier increase as payroll processor ADP said U.S. private employment grew at its fastest pace in four months in August, beating analysts' expectations. Trump had lashed out at Beijing in past months, frustrated by its failure to follow through on purchases of USA farm products that he said were agreed in his meeting with Chinese President Xi Jinping in June. While Trump's administration ratchets up the tariff pressure, China is having to add stimulus to support its slowing economy.

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