China and U.S. formally agree on more trade talks in coming weeks

talks resume in china on trade
China issued a statement Thursday saying the U.S. and China will resume trade talks in early October in Washington. (Getty Images)

China’s Ministry of Commerce issued a statement early Thursday saying that trade talks between the U.S. and China will resume in early October in Washington.

The office of the U.S. Trade Representative confirmed by email that talks will be held "in the coming weeks" at the ministerial level in Washington with deputy-level meetings taking place beforehand in mid-September. Both sides talked by phone early Thursday.

The announcements sparked a 1.5% uptick on the Nasdaq and Dow markets. 

Sponsored by Infosys

Infosys positioned as a Leader in Gartner Magic Quadrant for IT Services for Communications Service Providers, Worldwide 2020

The Gartner Magic Quadrant evaluated 12 vendors and Infosys was recognized for its completeness of vision and ability to execute.
Infosys leverages its global partner ecosystem, CSP-dedicated studio, design tools, and 5G Living Labs to boost service delivery. Innovative solutions such as the ‘Infosys Cortex2’ are driving business value for CSPs.

China’s statement said the October talks will be preceded by “serious consultations” in mid-September to prepare for the October meetings. In an early Thursday phone call “the two sides agreed that they should work together and take practical actions to create favorable conditions for consultations,” according to the statement from China’s Ministry of Commerce. The statement was auto-translated into English using Microsoft Translator. 

The USTR said by email that the mid-September meetings are intended to "lay the ground work for meaningful progress."

According to the statements from both the U.S. and China, the phone call early Thursday was between Chinese officials including Liu He, vice premier of the China State Council, and U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The other three Chinese officials named in the Chinese statement were Chinese Commerce Minister Zhong Shan, People’s Bank of China Governor Yi Gang and Ning Jizhe, vice chairman of the National Development and Reform Commission.

Both sides had previously discussed trade talks resuming in September.

RELATED: Fearing Trump, many chip CEOs stay mum on U.S.-China trade war

 

Read more on

Suggested Articles

The overall data center system matters more than the CPU to CIOs, but investors responded poorly to Intel’s lower data centric chip sales

The world’s largest chipmaker saw a 47% decline in data center sales to enterprise and government, even as it forecast a full year 2020 record of $75B

Working with Jacoti of Belgium, Qualcomm wants to make earbuds recognize the hearing anomalies of users.