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China And The United States Resumed Talks This Week In A Bid To End The Trade Impasse By November
Kinghood International Logistics Inc | Updated: Aug 22, 2018

China and the United States are drawing up a road map to resolve the trade dispute by November to prevent trade disputes from damaging relations and shaking global markets.

Chinese and U.S. negotiators are working on a deal to end the trade impasse ahead of a meeting between the leaders of the two countries on the sidelines of a multilateral summit in November, the Wall Street journal reported Wednesday.

The arrangement represents a commitment to prevent escalating trade disputes from damaging sino-us relations and shaking global markets, the report said.

The two sides announced Tuesday that they will hold mid-level talks in Washington.The talks will pave the way for a meeting in November.The Chinese delegation, led by vice minister of commerce wang shouwen, will meet with the U.S. delegation led by deputy Treasury secretary David malpass on Aug. 22, solstice, 23.

The talks are aimed at finding ways for both sides to resolve trade disputes and could lead to more rounds of talks, officials said.

It also said the negotiations could derail, especially as the United States continues to impose tariffs.So far, the United States has imposed tariffs on $34 billion of Chinese goods, with another $16 billion going into effect this week.China replies in a reciprocal manner.

U.S. officials say the strong U.S. economy gives Washington leverage in the talks.But there are differing views on how to respond.The Treasury Department and kudlow's national economic council were more sympathetic to Wall Street and corporate America, the report said, by making a series of demands to China that they believe could form the basis of the deal.But people familiar with the negotiations say the U.S. trade representative's office, which oversees the tariffs, wants to hold off on the idea that a tax increase would give the U.S. more bargaining power until October.

China's foreign ministry did not respond to a request for comment, the report said.The U.S. Treasury declined to comment ahead of this week's talks.So far, Mr. Trump has yet to choose between the two camps, and will speak when a deal is on the table, U.S. officials said.Leaders' meeting schedules often push negotiators to speed up negotiations, signaling leaders' unwillingness to let trade wars spiral out of control.

China and the United States are both grappling with the recent volatility in currency markets, and the devaluation of the renminbi will be a focus of U.S. trade talks with China in late August, experts said.

The midrange talks are likely to revolve around "how they plan to manage the renminbi," the paper quoted the iif's chief economist, robin Brooks, as saying.The weakening of the renminbi against the dollar has been caused by both rising trade tensions and higher us interest rates pushing up the value of the dollar.Analysts say China has not deliberately undervalued its currency in the current international environment.The trade talks will likely focus on how China manages its currency to ease pressure on U.S. tariffs.Analysts at Eurasia group said in a report Wednesday that Beijing would stress that "China does not intend to devalue the renminbi, but allows the exchange rate to reflect various pressures, including trade wars, slowing domestic growth and loose monetary policy."In any case, it would be in China's interest to try to reach some sort of compromise during this meeting, because the ongoing devaluation of the renminbi is a problem.


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