US, China Could Resume Formal Trade Talks in Days

White House chief economic adviser Larry Kudlow speaks at an Opportunity Zone conference with State local tribal and community leaders South Court Auditorium of the Eisenhower Executive Office Building on the White House complex

White House chief economic adviser Larry Kudlow speaks at an Opportunity Zone conference with State local tribal and community leaders South Court Auditorium of the Eisenhower Executive Office Building on the White House complex

Despite the difficulties, China remained cautiously optimistic that a deal would be reached, a source close to the Chinese government said.

"The US tariff hike on Chinese products was the trigger for bilateral trade frictions, so all the additional tariffs imposed since [the beginning of the trade war in July 2018] must be scrapped once there is a deal", Gao said as quoted by the South China Morning Post.

Commenting on the U.S. side's argument that the future trade agreement should tilt in the direction favourable to the U.S. side, Gao said the essence of Sino-U.S. economic and trade cooperation is mutual benefit and win-win cooperation.

Asked if the Americans would travel to China or the Chinese would be visiting the U.S., Kudlow said, "I don't know yet".

The countries have exchanged tariffs on $360 billion in two-way trade and negotiations broke down in May after the United States accused China of reneging on its commitments.

Commenting on the US side's recent claim that China agrees to purchase large quantities of USA agricultural products, Gao said China and the United States are strongly complementary in agricultural trade and have huge room for cooperation.

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President Donald Trump met with Chinese President Xi Jinping at the G-20 summit this weekend, and the two announced that there would be a temporary truce in the heated trade war that has caused so much disruption in certain sectors of both countries' economies.

Trump's announcement of a détente with China came days after his Treasury secretary said that the US and China were closer to a finalized deal than they'd been since the president took office.

"It's great we are reopening talks with China. we've been accommodative, we will not lift tariffs during the talks", Kudlow said on Wednesday. They're on the phone.

The United States has 25% tariffs on $250 billion of Chinese goods now ranging from semi-conductors to furniture.

While there was no indication of an imminent trade deal between the US and China, the fact that a cease-fire has been announced would seem to hint at progress.

Gao said China hoped the United States would follow through on Trump's promise to ease restrictions on telecommunications giant Huawei. "We have slightly opened up the general merchandise applications for export licenses, not national security". The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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