China, US to Give Trade Talks Another Shot

7 2018 shows workers unloading bags of chemicals at a port in Zhangjiagang in China's eastern Jiangsu province

Still, White House Economic adviser Larry Kudlow warned Beijing not to underestimate President Donald Trump's resolve in pushing for changes in China's economic policies.

It's unclear if the meeting will take place before or after August 23, which is when the Trump administration will impose 25 percent tariffs on $16 billion worth of Chinese imports.

There was no immediate response from the U.S. Treasury to the announcement from Beijing.

The Chinese delegation led by Wang will meet with an American group led by David Malpass, under secretary of the Department of the Treasury, at the invitation of the U.S., China's Ministry of Commerce said in a statement on its website on Thursday.

News of the meeting boosted the Chinese yuan and helped cap losses in China's stock markets.[CNY/][.SS].

In an attempt to solve the trade conflict between the USA and China, Beijing will send a delegation to meet with USA counterparts in Washington later this month.

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The two sides will impose an additional round of tariffs on $16 billion worth of goods from each country effective August 23.

U.S. Treasury officials declined to comment on the talks, referring Reuters to Kudlow's remarks on CNBC.

"There may be some manipulation but mostly I think investors are moving out of China because they don't like the economy, and they are coming to the United States of America because they like our economy".

The last round of talks was in early June.

"The single biggest story this year is an economic boom that is durable and lasting that most people thought was impossible, and they were wrong", he said in closing.

Unless there is some breakthrough the United States and China are preparing to a next round of retaliatory levies, having implemented tariffs on $34 billion of each other's exports on July 6. However, financial observers expressed skepticism that any tangible agreement will come from the meeting, citing that the U.S. Trade Representative was not involved and the talks will occur between lower-level officials.

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