Economy

US, China Agree to New Trade Talks

US, China Agree to New Trade Talks

A cautious statement from Mr Lighthizer's office confirmed that ministerial-level discussions will take place in the coming weeks.

"The trade war has become a real stalemate - the USA has more economic advantages, while the Chinese political advantage is more obvious", according to a commentary on Thursday afternoon in the Communist Party tabloid Global Times.

Shanghai's Yangshan container port. News of resumed talks has come as a relief, but Beijing mouthpieces have played down expectations.

In afternoon trade, the Nasdaq Composite and Dow Jones Industrial Average were both up 1.5 percent, with the broader S&P 500 up 1.3 percent.

Euro zone and emerging markets stocks charged higher on the renewed trade hopes. The news comes just days after China announced it had filed a lawsuit with the World Trade Organization (WTO) on Monday (Sept. 2), the day after the newest tariffs went into effect.

USA tariffs of 25% imposed previously on $250 billion of Chinese goods are due to rise to 30% on October 1.

The yen slipped and the dollar edged lower against a basket of world currencies following the positive trade developments and upbeat U.S.jobs data.

The National Retail Federation said it was encouraged by confirmation of in-person trade talks, and urged Washington to end the trade war and work for a rollback of all tariffs. Trump announced in August that he was ready to increase rates on existing tariffs from 25% to 30% on $250bn worth of Chinese goods in October, including tuna, tilapia and red swimming crab.

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China, US trade negotiators held phone talk.

"Lead negotiators from both sides had a really good phone call this morning", ministry spokesman Gao Feng said in a weekly briefing. Worries over the UK's messy divorce from the European Union has also been fueling global uncertainties along with the trade conflict between Washington and Beijing.

Analysts noted that investors remain nervous and markets could react with volatility on comments or actions from either side.

The Dow and the broader stock market rallied sharply on Thursday, on track to log another day of gains on Thursday after United States and Chinese officials said they will resume trade talks.

China and the United States are locked in a fierce trade dispute.

New tariffs on US and Chinese imports and uncertainty about whether there would be another high-level meeting have rattled investors' nerves in recent months.

China, for its part, has been stung by Washington's failure to make good on its promise to ease restrictions on Chinese tech giant Huawei Technologies Co Ltd.

He has also claimed China is being forced back to the negotiating table because of the country's slowing economy.


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