US, China agree to new round of trade talks next month
Retail Industry Leaders Association COO Brian Dodge is concerned that consumers will be affected by the U.S.-China tariff war.
As the trade war between the U.S. and China continues, delegations from both countries are scheduled to meet for negotiations next month, according to a statement from China's Ministry of Commerce.
Chinese Vice Premier Liu He is said to have held a phone call with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin – where both parties agreed to hold what will be the thirteenth round of high-level economic talks in Washington early next month.
The two sides will hold consultations in mid-September to prepare.
Over the weekend, a new round of tariffs went into effect on goods from both countries. The U.S. implemented tariffs worth 15 percent on a host of goods from China, a decision that was met with countermeasures.
As previously reported by FOX Business, a number of experts cut their growth forecasts for China’s gross domestic product in 2020 to less than 6 percent – including Bank of America Merrill Lynch.
President Trump on Tuesday urged China to come to the negotiating table soon, or things could get “much tougher” for its economy in a Twitter post.
However, experts believe China could be prepared to play the long-game as the trade war drags on. Researchers from Deutsche Bank wrote a note over the weekend, explaining how they believe China appears to have shifted its strategy from a focus on “resolution to one of endurance.”
“We think China is neither aiming to quickly reach a trade deal, nor trying to hit back at the U.S. as hard as it can,” Deutsche Bank China Economist Yi Xiong wrote in a report. “Rather, China seems to have internalized the trade war as a given fact, and is trying to preserve China's economic resilience under rising tariffs.”
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