China to send delegation for USA talks to avert trade war

China: Trade talks with the US are back on

Traders said Thursday's markets were pushed up by news that a Chinese delegation led by Vice Minister of Commerce Wang Shouwen will hold talks with USA representatives led by Under Secretary of Treasury for International Affairs David Malpass later in August.

China's Commerce Ministry says it will not accept any unilateral trade measures, but welcome dialogue.

US Commerce Minister Wilbur Ross held talks with Chinese Vice Premier Liu He in Beijing in June.

However, the upcoming meeting is lower-level compared to the four previous rounds of negotiations.

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China and the United States have engaged in a round of reciprocal tariffs since July 6, when Washington officially imposed 25 percent tariffs on more than 800 Chinese products worth $34 billion.

Trade Representative Robert Lighthizer has been meeting with Mexican officials as the USA works to renegotiate NAFTA.

There was no immediate response from the US Treasury to the announcement from Beijing.

A statement from the ministry said commerce vice-minister Wang Shouwen would lead the delegation that will meet US Treasury undersecretary David Malpass to discuss "economic and trade issues between China and the US".

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Brent crude oil futures were at $71.11 per barrel at 0712 GMT, up 35 cents, or 0.5 percent, from their last close.

It's unclear if the meeting will take place before or after August 23, which is when the Trump administration will impose 25 percent tariffs on $16 billion worth of Chinese imports.

Washington is due to activate additional tariffs on $16 billion of Chinese goods on August 23, and Beijing has said it will respond in kind.

Trump has insisted on imposing tariffs on China and some US allies for national security reasons, even as Republicans and Democrats alike have warned that the policy will ultimately hurt American workers.

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