BackChina says vice premier Liu He to visit US for trade talks
Trump tweeted on Sunday that he would raise tariffs on $200 billion worth of Chinese goods to 25% from 10% by the end of the weekThe swift deterioration in negotiations between the world's two largest economies hit global financial markets
PremiumChina's commerce ministry today said that Vice Premier Liu He will visit the US on May 9 and May 10 for bilateral trade talks at the invitation of senior US officials. The ministry did not elaborate on the talks or give the expected topics of discussion. The continuation of trade talks between world’s two economies was thrown in jeopardy after President Donald Trump on Sunday said US will impose additional tariffs on Chinese goods, slated to go into effect on Friday.
The swift deterioration in negotiations between the world's two largest economies hit global financial markets as investors faced the prospect of an escalation rather than an end to a 10-month-old trade war.
Trump tweeted on Sunday that he would raise tariffs on $200 billion worth of Chinese goods to 25% from 10% by the end of the week, and would "soon" target the remaining Chinese imports with tariffs, sending stocks and oil prices lower on Monday.
US Trade Representative Robert Lighthizer, who has been an advocate for tough structural changes in China, said Beijing had reneged on commitments it had made previously that would have changed the agreement substantially.
"We're not breaking off talks at this point. But for now ... come Friday there will be tariffs in place," Lighthizer said.
Treasury Secretary Steven Mnuchin, considered to be less hawkish toward China, said China's backtracking became clear with "new information" over the weekend. He declined to give specifics and said the US side had originally hoped to conclude a deal one way or the other this week.
Trump's announcement on Sunday abruptly ended a five-month truce in a trade war that has cost the two countries billions of dollars, slowed global growth and disrupted manufacturing supply chains and US farm exports. (With Agency Inputs)
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
