US and China Plan to Continue Trade Talks In January

Forex News

It seems that the United States and China are moving forward in negotiations about trade. Both sides held several rounds of negotiations in recent weeks. It is reported, that yesterday China and the United States held vice-ministerial level talks to discuss current trade disputes as they approach the January meeting.

US Treasury Secretary Steven Mnuchin said, that the two sides are planning to hold a formal, face-to-face meeting in January to negotiate a broader truce in their trade wars but are unlikely to meet in person before then.

“We’re in the process of confirming the logistics of several meetings and we’re determined to make sure that we use the time wisely, to try to resolve this,” Mnuchin said. Both sides are now focused on trying “to document an agreement” by a March 1 deadline for their current tariffs truce to run out. “We expect there will be meetings in January,” he added.

The US had planned to raise tariffs on Chinese goods at the start of the year, but has agreed to postpone the hike until the beginning of March. If discussions prove fruitful, the US and China will put areas of agreement in writing by the time the truce expires.

US President Donald Trump and China’s President Xi Jinping agreed that the two sides will take 90 days to discuss their points of contention, including alleged intellectual property violations and cyberattacks, with the hope of coming up with solutions by the March 1 deadline. In the event of an impasse, tariffs on $200 billion worth of Chinese products will rise to 25% from 10% on March 2.