China, US to hold trade talks in late August

A Chinese delegation led by Vice Commerce Minister Wang Shouwen will meet with an American group led by David Malpass later this month

Trump asked Kudlow in the Cabinet meeting how the US economy was doing compared to China's economy.

Beijing and Washington started a tit-for-tat trade war in July, each imposing 25 per cent tariffs on the other side's goods.

It's unclear whether the trade talks will take place before or after August 23rd, . which is when Washington is due to activate additional tariffs on 16-billion dollars of Chinese goods, .an action Beijing has vowed to respond in kind to immediately.

USA futures also gained, as Dow e-minis gained 0.45 per cent on the news.

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A statement by the Chinese Ministry of Commerce on Thursday said it will hold a fresh round of trade talks with US officials in Washington before the end of the month.

Reuters reported Thursday that representatives from the Treasury Department will meet with China's Vice Minister of Commerce Wang Shouwen and other officials in Washington, D.C.

News of the meeting gave a lift to the yuan and helped cap losses in China's stock markets.

The meeting would end what had been a lull in talks between the two sides, but it is unclear whether it will take place before or after August 23, when Washington is due to activate additional tariffs on $16 billion of Chinese goods.

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The Commerce Ministry said Beijing "reiterates its opposition to unilateralism and trade protectionism and does not accept any unilateral trade restrictions".

U.S. Treasury officials declined to comment on the talks, referring Reuters to Kudlow's remarks on CNBC.

"All my friends who worked in the Obama administration, and I have a bunch of them, told us repeatedly we could never grow faster than 2 percent", said Kudlow.

In a White House cabinet meeting, Kudlow said the decline of the yuan currency in recent months showed that the United States had an upper hand in the trade war. The invitation for the talks may have been meant to steady markets, they said.

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