💥Fed cuts sparks mid cap boom! ProPicks AI scores with 4 stocks +23% each. Get October’s update first.Pick Stocks with AI

China, US to hold talks on economic and trade issues, Xinhua reports

Published 10/01/2024, 03:50 AM
Updated 10/01/2024, 04:04 AM
© Reuters. FILE PHOTO: Chinese Commerce Minister Wang Wentao attends a press conference on the sidelines of the National People's Congress (NPC), in Beijing, China March 6, 2024. REUTERS/Tingshu Wang/File Photo

BEIJING (Reuters) -Chinese Commerce Minister Wang Wentao and his U.S. counterpart will hold a call in the near future on trade and economic ties, China's state-run Xinhua news agency reported on Tuesday, citing people familiar with the matter.

They will exchange views on bilateral economic and trade relations and key issues of mutual concern, including restrictions on electric vehicles (EVs), Xinhua reported.

During a two-day working group meeting in Beijing last month with a U.S. delegation, Chinese officials expressed "grave" concerns about additional U.S. tariffs, investment restrictions, and Russia-related sanctions.

A new round of U.S. tariffs on $18 billion of Chinese goods including EVs, EV batteries and solar panels took effect in late September, with lithium-ion batteries bearing the brunt of the levies by value. The U.S. imports nearly zero Chinese EVs.

The tariffs were imposed after a review by the Office of the U.S. Trade Representative of levies that had been previously introduced by former U.S. President Donald Trump in 2018.

The Biden administration said the tariffs were aimed at bolstering protections for strategic domestic industries from China's state-driven excess production capacity. Beijing has vowed retaliation.

China has long accused the United States of containing its economic development and suppressing its technological advancement out of what it says is sheer paranoia. But Beijing has remained open to talks and negotiations, especially given the prospect of Trump returning to the White House.

Trump has said he would consider imposing more tariffs of 60% or more on Chinese goods should he be elected as president again in November.

"In state-to-state relations, the No.1 and overarching question is: are we rivals, or partners?" said Xie Feng, China's ambassador to the United States, at a reception on Monday, the eve of China's National Day.

"China's success does not have to mean a failure of the United States," Xie added.

© Reuters. FILE PHOTO: Chinese Commerce Minister Wang Wentao attends a press conference on the sidelines of the National People's Congress (NPC), in Beijing, China March 6, 2024. REUTERS/Tingshu Wang/File Photo

China's relations with the European Union have also come under renewed strain as Brussels accuses Beijing of flooding the European market with EVs that it says are backed by unfair Chinese industrial policies and subsidies.

The EU is slated to cast a vote on introducing definitive levies on China-made EVs this month.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.