China to send delegation for USA talks to avert trade war

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Trump asked Kudlow in the Cabinet meeting how the US economy was doing compared to China's economy.

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

USA futures also gained, as Dow e-minis gained 0.45 per cent on the news.

The delegation led by a deputy commerce minister will visit in late August to discuss "issues of mutual concern", the Commerce Ministry announced Thursday.

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News of the meeting gave a lift to the yuan and helped cap losses in China's stock markets.

China has been reiterating that it opposes unilateralism and trade protectionism of Trump and will not accept any unilateral trade restrictions.

The two governments are poised to impose a new round of tariff hikes on $16 billion of each other's goods next week in their worsening conflict over Beijing's technology policy.

The ministry says the Chinese delegation, led by Vice Minister of Commerce Wang Shouwen, will meet with American representatives led by U.S. Under Secretary of Treasury for International Affairs David Malpass.

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U.S. Treasury officials declined to comment on the talks, referring Reuters to Kudlow's remarks on CNBC.

The last official round of talks was in early June when the United States commerce secretary, Wilbur Ross, met Liu He in Beijing.

Four U.S. and Chinese sources in the business community said they had low expectations for the discussions, particularly if officials from USTR were not involved.

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

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Unless there is some breakthrough the United States and China are preparing to a next round of retaliatory levies, having implemented tariffs on $34 billion of each other's exports on July 6.