US, China Exchange Goodwill Gesture Ahead Of Trade Talks

The United States and China traded conciliatory gestures, raising hopes they can de-escalate a standoff over trade that has shaken financial markets and cast gloom over the global economy.

In Beijing, China’s Commerce Ministry said Thursday that Chinese importers are asking U.S. suppliers for prices of soybeans, pork and other farm goods. It’s a sign they might step up purchases of American agricultural products, a possible goodwill gesture ahead of talks next month aimed at ending the tariff war.

The statement from China followed President Donald Trump’s decision Wednesday to postpone a planned tariff hike on Chinese imports by two weeks. U.S. Treasury Secretary Steven Mnuchin told reporters Thursday that China asked that the tariff increase be rescheduled from Oct. 1, the 70th anniversary of the founding of the People’s Republic of China. Trump delayed the tariff hike to Oct. 15 in what Mnuchin called a “goodwill gesture to the Chinese.”

The Treasury secretary said mid-level U.S. and Chinese negotiators will meet next week or the week after. Then a high-level Chinese delegation is likely to travel to Washington to meet with Mnuchin and U.S. Trade Representative Robert Lighthizer. “My expectation is they’ll be here in October unless something changes,” Mnuchin said.