China and USA to hold trade talks in Beijing next week

US manufacturers say Trump tariffs will bring higher prices, not more jobs

U.S. envoys are to visit Beijing on Monday for talks on resolving a tariff dispute that threatens to hobble global economic growth, Beijing said yesterday.

A team of US negotiators led by Deputy US Trade Representative Jeffrey Gerrish will sit down with their Chinese counterparts next week to follow up on agreements reached between US President Donald Trump and Chinese President Xi Jinping on the sidelines of the G-20 summit in Buenos Aires in December, the Chinese Ministry of Commerce announced Friday. Its one-sentence announcement gave no other details of the agenda or who else would take part.

The US and China have exchanged tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade, locking them in a conflict that has begun to eat into profits and contributed to stock market plunges. Hassett says that Apple and other USA companies operating in China, will see their business return in the country if the US can have a successful negotiation with China. "Can they compromise? We'll see".

Now China and the United States face a March deadline for talks to end the damaging trade war, or Washington could proceed with a sharp hike in USA tariffs and Beijing could retaliate. It was the fourth month of contraction, and it put annual sales in the world's biggest auto market on track to contract for the first time in three decades.

Kevin Hassett, chairman of the White House Council of Economic Advisers, said the contentious U.S.

As Chinese tariffs take a bigger bite out of profits, USA manufacturers with operations there are scrambling to find alternatives.

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In December, Beijing´s commerce ministry said China and the U.S. "made new progress" on the issues of trade balance and intellectual property -one of the main sticking points of the trade dispute - during a phone call between officials from the two countries.

The office of the United States Trade Representative also released a statement Friday announcing the delegation that would be representing the US.

Chinese officials are unhappy with U.S. curbs on exports of "dual use" technology with possible military applications.

Tensions between the two nations have been rising for the past year, after tariff disputes between U.S. president Donald Trump and Chinese president Xi Jingping, disrupted exports causing global economic slowdown fears.

The U.S. duties are set to increase to 25 percent in January. The longer their trade war lasts, the longer companies and consumers will feel the pain of higher-priced imports and exports.

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