China and US to hold trade talks in Beijing

United States and China are to hold vice-ministerial trade talks on January 7-8 in Beijing

US and China Source: Bloomberg

United States and China have agreed to hold vice-ministerial trade talks in Beijing on January 7th till the 8th.

The US and China’s trade talks will attempt to end disputes between the two countries, which have been causing volatility in global financial markets.

China’s commerce ministry said in a statement that a working team led by Deputy US Trade Representative Jeffery Gerrish will come to China to have “positive and constructive discussions” with Chinese counterparts.

The statement said the two sides "confirmed" the dates in a phone call on Friday morning, but did not provide other details.

Tensions between the two nations have been rising for the past year, after tariff disputes between US president Donald Trump and Chinese president Xi Jingping, disrupted exports causing global economic slowdown fears.

In response, the two leaders have had on-going pressure to end disputes and find a resolution.

President Trump and President Xi agreed to a ceasefire at a summit in Argentina in 2018, putting on hold any additional tariffs for 90 days from December the 1st, while the two attempt to negotiate a deal.

Trump said earlier in the week that talks between the two were heading in the right direction, after a positive phone conversation. Trump tweeted that the call was progressing, however it’s not been apparent if the resolution would be solved.

Analysts say there’s doubt if Beijing would compromise to demands over trade imbalances.

The two countries face a March deadline to resolve talks putting an end to the trade wars. US president Donald Trump has threatened a sharp hike in US tariffs on Chinese goods if China didn’t yield to his requests. There are fears of both sides hiking tariffs if no deal is reached.

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