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US-China agree on high-level trade talks next month

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China and the US mutually consented to hold distinguished trade dialogue sometime in early October in Washington according to China’s commerce ministry in the thick of anxiety that intensifying trade war could lead to a global economic collapse.

China’s central bank governor Yi Gang along with China’s Vice Premier Liu He spoke to US trade envoy, Robert  Lighthizerand US treasury secretary Steven Mnuchin over a phone call following which the Commerce Ministry released a statement on its website announcing plans for a high-level meet early next month.

The Ministry added that “both sides gave consent to working in collaboration and opt for practicable steps to create productive and positive conditions for consultations.”

Trade squad from both sides are scheduled to hold dialogue later this month before progressing to the distinguished dialogue scheduled for early next month informed the Ministry.

A spokesperson for US Trade Envoy’s office established that Lighthizer and Mnuchin had a phone conversation with Liu and said that in a mutual agreement they are expected to hold high-profile trade talks in Washington.

The United States recently started pressing 15% tariffs on a variety of Chinese products imported whereas China, on the other hand, introduced new duties on US crude oil. This triggered China to file a complaint against the United States with the World Trade organization. The US is expected to further hike the tariff rate to 30% on Chinese imports worth 250 billion dollars from October 1. Currently the tariffs imposed on Chinese imports is 25%.

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