China trade talks back on; October meeting now expected in Washington

National Economic Council Director Larry Kudlow warns the US-China trade war could drag on for years

National Economic Council Director Larry Kudlow warns the US-China trade war could drag on for years

A statement from the U.S. Trade Representative's office confirmed that ministerial level discussions will take place in "the coming weeks", without specifying when. -China trade optimism and upbeat USA economic data stoked risk appetite and lured investors away from safe-haven assets.

Shanghai's Yangshan container port. News of resumed talks has come as a relief, but Beijing mouthpieces have played down expectations. Asian markets reacted positively to the news on Thursday.

USA stock indexes marched broadly higher on the news of the planned talks, The Dow Jones Industrial Average surged as much as 480 points.

The United States and China have agreed to resume face-to-face negotiations meant to end their ongoing trade war, CNN reports.

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Washington began imposing 15% tariffs on an array of Chinese imports on Sunday, while China began placing new duties on USA crude oil.

The yen slipped and the dollar edged lower against a basket of world currencies following the positive trade developments and upbeat U.S.jobs data. A meeting is being planned for early October, in Washington, D.C., ending speculation that the next round of talks may be cancelled.

Washington plans to increase the tariff rate to 30 percent from 25 percent on $250 billion worth of Chinese imports from October 1.

"Lead negotiators from both sides had a really good phone call this morning", China's commerce ministry spokesman Gao Feng said in a weekly briefing. China's top negotiator Liu He will meet his American counterpart Steven Mnuchin, and working-level talks will also be held in mid-September prior to that meeting, the Chinese ministry said.

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US President Donald Trump warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a US recession.

Others have become increasingly focused on trying to calm financial markets and forestall any further economic fallout in the USA where Trump's tariffs and the uncertainty surrounding the trade war are being blamed for a slowdown in manufacturing.

China, for its part, has been stung by Washington's failure to make good on its promise to ease restrictions on Chinese tech giant Huawei Technologies Co. Ltd.

But at the recent G7 meeting of rich democracies in France, Trump spoke of new communications between USA and Chinese negotiators - giving financial markets a brief boost - while China's foreign ministry said it was unaware of such contacts.

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While the Trump administration ratchets up the tariff pressure, China is having to add stimulus to support its slowing economy.

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