China and the United States are taking a step to ease trade war tensions. U.S. Treasury under Secretary David Malpass is set to meet Chinese counterpart Wang Shouwen in Washington this week, the first meeting between senior officials since June, when talks in Beijing between Commerce Secretary Wilbur Ross and Vice Premier Liu ended without a settlement.
Economists do not expect much from the meeting. The meeting is aimed at coming up with possible solutions for the tensions for the meeting of Chinese President Xi Jinping and U.S President Donald Trump.
This week’s discussions take place as the Trump administration imposes previously announced tariffs on a remaining $16 billion of $50 billion in Chinese goods. In another sign the U.S. isn’t about to relent, the U.S. Trade Representative (USTR) on Monday started a week-long session of planned hearing an additional $200 billion in tariffs proposed by President Donald Trump. More than 1,500 witnesses have submitted written testimony.
Source: Money Watch