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White House: China Trade Talks to Resume in Beijing Next Week

FILE - Chinese and U.S. flags are set up for a meeting in Beijing, April 27, 2018.

The United States and China will hold trade talks in Beijing next week, with deputy-level meetings to start Monday and high-level talks to follow, a White House spokeswoman said Friday.

The two countries are trying to hammer out a trade deal weeks ahead of a March deadline when U.S. tariffs on Chinese goods are scheduled to increase.

Escalating tensions between the United States and China have cost both countries billions of dollars and roiled global financial markets. Top-level negotiators and President Donald Trump met last week in Washington, but it's unclear that the two sides will have a deal agreed by March 2.

U.S. Trade Representative Robert Lighthizer and Secretary of the Treasury Steven Mnuchin will travel to Beijing for principal-level meetings that will take place Feb. 14-15, the White House statement said. Deputy-level meetings led by Deputy U.S. Trade Representative Jeffrey Gerrish kick off Monday.