U.S. and Chinese Trade negotiators to meet in Shanghai next week

Vastavam web: Top U.S. and Chinese negotiators will meet face-to-face next week for the first time since Presidents Donald Trump and Xi Jinping agreed to revive talks to end their year-long trade war. The governments of the world’s largest economies have levied billions of dollars of tariffs on each other’s imports, disrupted global supply chains and shaken financial markets in their dispute over how China does business with the rest of the world.

U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer will meet with Chinese Vice Premier Liu He for talks in Shanghai starting on July 30, the White House said in a statement on Wednesday. Talks collapsed in May after China reneged on promises made in earlier negotiations, U.S. government and private sector sources said at the time.

“I wouldn’t expect that we’ll resolve all the issues. But the fact that we’re back at the table at the direction of the two presidents is important.” The discussions would cover issues including intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, the trade deficit, and how any deal is enforced, the White House said in the statement.

At a meeting with Xi in late June, Trump agreed to suspend a new round of tariffs on $300 billion worth of imported Chinese consumer goods while the two sides resumed talks. The lead negotiators have since spoken by phone but not met face-to-face. Trump said after his meeting with Xi that the United States would ease restrictions on Chinese tech giant Huawei Technologies and that China had agreed to make unspecified purchases of U.S. farm products.

Those purchases have yet to materialize, but White House economic advisor Larry Kudlow said on Tuesday he hoped they would be made soon. Beijing and Washington remain far apart on the terms of any deal. The United States wants China to correct what it sees as decades of unfair and illegal trading practices. China says both sides need to come out of any deal with concessions.