A spokesman for the U.S. Trade Representative's office confirmed that Lighthizer and Mnuchin spoke with Liu and said they agreed to hold ministerial-level trade talks in Washington "in the coming weeks".
Shanghai's Yangshan container port. News of resumed talks has come as a relief, but Beijing mouthpieces have played down expectations.
Stocks are sharply up, with the Dow (INDU) trading more than 300 points higher, up 1.2%. News that the face-to-face talks were scheduled sent Asian, European and United States stock markets higher, with all three major U.S. stock indices touching over a month high.
The United States and China have agreed to resume face-to-face negotiations meant to end their ongoing trade war, CNN reports.
Aiding the rally was positive USA economic data, including an estimate of private sector payrolls growth and an acceleration of US services sector activity. But the new talks, on the agenda for early October, are spurring optimism. Trump announced in August that he was ready to increase rates on existing tariffs from 25% to 30% on $250bn worth of Chinese goods in October, including tuna, tilapia and red swimming crab.
The 35% punitive tariff being charged by China is being added to the combined 27% in taxes (duty + value-added tax) the country had already been charging for years for imported United States squid to enter China, as one squid industry source explained.
"This trade war has gone on far too long, and the harmful consequences for American business and consumers continues to grow", said the group, which bills itself as the world's largest retail trade association. But China will not withdraw the complaint it filed to the World Trade Organization (WTO) about the U.S.'s additional tariffs on Chinese products, he said.More news: Acer Swift 5 ultra-thin laptop with Discrete Graphics
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The U.S. and China have raised tariffs on billions of dollars of each other's imports, disrupting trade in goods from soybeans to medical equipment and battering traders on both sides. It said the recent escalation of trade tension had violated the consensus reached by Xi and Trump in Argentina and Osaka, and that some USA politicians lacked the consciousness to abide by consensus.
US President Donald Trump warned on Tuesday he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a US recession.
Trump on Thursday remained silent on Twitter about the newly agreed talks, and none of his key economic aides appeared on morning talk shows.
US stocks followed worldwide equities to one-month highs and Treasury yields rose sharply on Thursday as renewed U.S.
China, for its part, has been stung by Washington's failure to make good on its promise to ease restrictions on Chinese tech giant Huawei Technologies Co. Ltd.
He has also claimed China is being forced back to the negotiating table because of the country's slowing economy.