China has accepted an invitation from the US to attend fresh talks aimed at resolving the trade war between the world’s two largest economies.
The latest round of negotiations comes as the Trump administration prepares to impose additional tariffs on $200 (£152bn) of Chinese goods.
The timing of the announcement was “something of a surprise,” says the South China Morning Post.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Many observers had expected there would be no further trade talks until after the US Congressional midterm elections on 6 November, the paper reports.
Last week, US President Donald Trump said the new tariffs could go into effect “very soon,” adding that he had tariffs on an additional $267bn (£203bn) worth of goods ready “on short notice if I want.”
To date, Beijing and Washington have introduced 25% tariffs on $50bn (£38.5bn) of each other’s imports, leading to higher costs for companies and consumers on both sides of the Pacific.
“The escalation of trade conflicts doesn't benefit either side's interests,” Chinese Commerce Ministry spokesman Gao Feng said yesterday.
“In fact, from last month’s preliminary talks in Washington, the two sides’ trade talk teams have maintained various forms of contact, and held discussions on the concerns of each side,” he said.
Low-level negotiations in August ended without agreement, but there are suggestions that this round of talks will involve senior officials.
The Wall Street Journal reports that Treasury Secretary Steven Mnuchin sent the offer to Chinese officials led by Vice Premier Liu He, the chief economic adviser to President Xi Jinping.
The invitation from Mnuchin comes as some Trump officials said they sense “a new vulnerability and possibly more flexibility” among Chinese officials pressured by US tariffs, the paper adds.
-
‘It is their greed and the pollution from their products that hurt consumers’Instant Opinion Opinion, comment and editorials of the day
-
Jane Austen lives on at these timeless hotelsThe Week Recommends Here’s where to celebrate the writing legend’s 250th birthday
-
‘Mexico: A 500-Year History’ by Paul Gillingham and ‘When Caesar Was King: How Sid Caesar Reinvented American Comedy’ by David Margolickfeature A chronicle of Mexico’s shifts in power and how Sid Caesar shaped the early days of television
-
What a rising gold price says about the global economyThe Explainer Institutions, central banks and speculators drive record surge amid ‘loss of trust’ in bond markets and US dollar
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Argentinian beef is at the center of American farmers’ woesThe Explainer ‘It feels like a slap in the face to rural America,’ said one farmer
-
Will latest Russian sanctions finally break Putin’s resolve?Today's Big Question New restrictions have been described as a ‘punch to the gut of Moscow’s war economy’
-
China’s rare earth controlsThe Explainer Beijing has shocked Washington with export restrictions on minerals used in most electronics
-
The struggles of Aston Martin: burning cash not rubberIn the Spotlight The car manufacturer, famous for its association with the James Bond franchise, is ‘running out of road’
-
Why are beef prices rising? And how is politics involved?Today's Big Question Drought, tariffs and consumer demand all play a role
-
Labor: Federal unions struggle to survive TrumpFeature Trump moves to strip union rights from federal workers
