China said Tuesday its top trade negotiator will visit the United States for talks with American counterparts this week even as Washington stepped up pressure…
China said Tuesday its top trade negotiator will visit the United States for talks with American counterparts this week even as Washington stepped up pressure with plans to hike tariffs and complaints that Beijing was backtracking on its commitments.
The commerce ministry confirmed in a statement that Vice Premier Liu He, President Xi Jinping’s pointman on trade, would visit the US on Thursday and Friday.
The trip is taking place a day later than expected after President Donald Trump jolted global markets by announcing that tariffs on $200 billion in Chinese merchandise will more than double to 25 percent on Friday.
Confirmation of Liu’s travel plans lifted Chinese stock markets as his presence could raise hopes that a deal is still possible.
The Chinese foreign ministry had said Monday that a delegation would still visit the US but it dodged questions over whether Liu would lead it.
The tariffs announcement tanked stock markets worldwide and frightened US farmers and businesses caught in the crossfire who have been banking on a resolution to the year-long conflict that has engulfed $360 billion in two-way trade.
But US shares recovered late in the day on Monday as investors apparently decided Trump was using tariff threats as a negotiating tactic.
US officials had said the world’s two largest economies were close to an agreement but Beijing reversed course in recent days.
