China says they're going to reboot trade talks with the US, two months after earlier talks broke down, Beijing said Thursday, they're sending a group to Washington later this month. They say it was at the invitation of the United States, and Vice Minister Wong Shouwen will lead Beijing's team.
It's the latest attempt to defuse an ongoing trade war, that's played havoc with world markets. News the two sides were heading back to the table, gave a shot in the arm to China's stock markets and currency, which have both been hit hard this year by the trade war, and a sputtering economy.
However, these talks are lower level compared to the last round, where US Commerce Chief Wilbur Ross met with Vice Premiere Liu He. Those talks didn't get far, and as Reuters' Alias Glen reports, hopes aren't high for this new meeting either.>> In a round of talks in Washington in May the Chinese side came away thinking that tariffs had been taken off the table.
And they seemed to be pretty taken aback when just a few days later Washington came out and said they were moving forward on tariffs on up to 200 billion of Chinese imports. And so, the Chinese side has often that the US kind of went back on a promise, so there do seem to be kind of a lack of trust between the two sides at this point.
>> But it's unclear whether the talks will be held before or after August 23rd, the day that Washington's due to activate additional tariffs on billions of Chinese goods. China has repeatedly warned US companies and consumers will be hit hard by the trade war, a themed state media returned to on Thursday.
It called US trade policy makers, totally deaf and said that Trump's America first slogan has only caused economic trouble for the country.