The China – US trade war is bound to escalate as both governments failed to reach consensus in the two days of talks. China and the U.S met this week, with the analysts and both sides having low expectations. No further talks have been announced.
The talks, led by U.S. Treasury Undersecretary for International Affairs, David Malpass and Vice Commerce Minister Wang Shouwen, is the first significant interaction between the two countries since June.
Chinese officials also raised that there will be no further discussions until after November’s mid-term elections in the US. The absence of progress between the sides and the looming prospect of further sanctions adds uncertainty for business, alleges Bloomberg.
The White House released a statement saying that the countries “exchanged views on how to achieve fairness, balance, and reciprocity in the economic relationship, by addressing structural issues in China” identified by the U.S. in an investigation into Chinese IP practices. The two countries will have further talks, said China commerce ministry.
The talks concluded yesterday, just hours after Beijing and Washington rolled out their latest round of tit-for-tat tariffs.