USA and China meet for trade talks

7 2018 shows workers unloading bags of chemicals at a port in Zhangjiagang in China's eastern Jiangsu province

The ministry reiterated in the statement that China is against unilateralism and trade protectionism, and won't accept any unilateral trade restrictions.

China's Commerce Ministry said Thursday that a vice minister will travel to the U.S.at an unspecified date, at the invitation of the Treasury Department, to discuss trade issues.

USA futures gained on the news.

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.

The Wall Street Journal reported that the talks in Washington would take place on August 21 and 22, just before $16 billion in new USA tariffs on Chinese goods take effect, along with an equal amount of retaliatory tariffs from Beijing.

The meeting would end a drought in talks since early June, when U.S. Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He in Beijing, but returned with no agreements. "Their economy looks awful", he said.

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

"Mostly, I think investors are moving out of China because they don't like the economy and they're moving to the United States of America because they like our economy", he told the room.

Previous rounds of talks between the two sides failed to make much progress, resulting in the outbreak of a trade war.

Trade Representative Robert Lighthizer has been meeting with Mexican officials as the US works to renegotiate NAFTA.

"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.

"The single biggest story this year is an economic boom that is durable and lasting that most people thought was impossible, and they were wrong", he said in closing.

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