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US, China to Hold High-Level Trade Talks in October


FILE - A man carries bags containing toys from the FAO Schwarz as people shop at the newly open FAO Schwarz toy store in Beijing, June 1, 2019.

U.S. and Chinese envoys are to resume high-level trade talks next month, China’s Commerce Ministry said Thursday, days after the two sides announced another round of tariffs targeting each other’s exports.

China said the talks would take place in Washington, and that the decision was made in a phone call between its top trade negotiator, Vice Premier Liu He, and U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

The ministry statement said both countries expressed a desire to create “favorable conditions” for the negotiations.

A lower-level session will take place later this month, ahead of the October meeting. The two sides last held major talks in July, but there was no major breakthrough in the trade dispute between the world’s top two economies.

The situation has cast uncertainty on financial markets and left companies scrambling to cope with the effects of the tariffs.

U.S. President Donald Trump levied 15% tariffs on about $112 billion worth of Chinese goods on Sept. 1 in a move that will likely result in U.S. shoppers paying higher prices on some foods, sports equipment, sportswear, musical instruments and furniture.

The same day, China instituted 5% and 10% tariffs on some of the $75 billion of U.S. exports being sent to China, including corn, pork products, marble and bicycle tires.