In-person talks will resume in early October, according to a statement issued Thursday morning in China by the country's Ministry of Commerce. The Chinese authorities added that China's Deputy Prime Minister and Chief Negotiator Liu He spoke on the phone with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
A spokesman for the Lighthizer Department confirmed that the two parties have spoken and agreed to hold meetings in the US capital "in the coming weeks".
Both countries indicated that they would continue to discuss before the meeting in person. The countries agreed to "create good conditions for the negotiation," said the Chinese Ministry of Commerce. US trade officials said the deputy ministers' meetings this month "will set the stage for meaningful progress".
Asian markets rebounded in the information markets – shares in Tokyo and Shanghai gained 2.3% and 1.5% respectively. US equity futures also jumped. Investors welcome the news of the talks, especially since relations between the two countries have been so volatile in recent weeks.
Little progress was made between the United States and China in the latest round of face-to-face trade meetings in Shanghai in July. Shortly after these talks, US President Donald Trump announced that his country would impose tariffs of 10%, increased to 15%, on Chinese imports for $ 300 billion. Beijing has responded with tariffs of 5% to 10% on US goods worth about $ 75 billion.
Washington's latest initiative is aimed at products made in China, such as televisions and clothing, that could be expensive for the typical American consumer. In an effort to mitigate the shock of holiday shopping, the US government has postponed the implementation of about half of them to December 15.
The latest set of tariffs that countries have imposed came into effect on Sunday.
More rates are on the way. Last month, Trump announced that it would raise existing tariff rates from 25% to 30% on Chinese goods worth $ 250 billion in October. China also said it would resume tariffs on US imports of automobiles and auto parts in December.
CNN, Steven Jiang and Nanlin Fang in Beijing, as well as Daniel Allman and Adrienne Winston in Washington contributed to this report.
