U.S., China To Resume Face-To-Face Trade Negotiations
Negotiators from the U.S. and China are scheduled to meet face-to-face next week in Shanghai, the first such meeting since discussions between President Donald Trump and President Xi Jinping at the G-20 Summit in Osaka, Japan, at the end of June. The meeting comes as the Chinese government has approved the retaliatory tariff-free purchase of certain U.S. agricultural products by several of the country’s companies.
Bloomberg reports that the Chinese government is allowing textile mills to purchase 50,000 tons of U.S. cotton without paying the 25 percent tariff the country had levied on the products in retaliation to U.S. tariffs. Similar allowances have been made for the purchase of U.S. pork, corn and sorghum. Earlier this week, the Chinese government approved five companies to purchase up to three million tons of U.S. soybeans. In turn, the U.S. has loosened restrictions on companies selling hardware and services to Chinese tech giant Huawei.
U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are scheduled to meet with Chinese Vice Premier Liu He on July 30 to continue trade talks between the two countries. Secretary Mnuchin told reporters on Wednesday, “There’ll be a few more meetings before we get a deal done. 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 in Shanghai will focus on intellectual property, forced technology transfer, non-tariff barriers, agriculture, services, the trade deficit and enforcement.