The ministry says the Chinese delegation, led by Vice Minister of Commerce Wang Shouwen, will meet with American representatives led by U.S. Under Secretary of Treasury for International Affairs David Malpass.
Wang Shouwen, vice-minister of commerce, will lead a delegation to the United States at the end of August to discuss bilateral trade issues with a team led by David Malpass, secretary of treasury for global affairs, the Chinese Commerce Ministry said in a statement today.
The ministry issued a statement saying Beijing welcomes dialogue, but "will not accept any unilateral trade restriction measures".
"The lower rank of the delegation suggests that both sides remain far apart, and an agreement reached for this visit is very unlikely", Jonas Short, head of the Beijing office at investment bank Everbright Sun Hung Kai, wrote in a note. The countries imposed steep tariffs on billions of dollars of each other's exports this summer and have threatened more.
It's unclear whether the trade talks will take place before or after August 23rd, . which is when Washington is due to activate additional tariffs on 16-billion dollars of Chinese goods, .an action Beijing has vowed to respond in kind to immediately.
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"The U.S. Treasury Department wasn't available for comment".
The upcoming meeting will be held at a lower-level compared with four earlier rounds of talks.
"Those talks are hot, you know, they're heated and they're going rather well", said the economic adviser.
Providing Brent crude some support were looming US sanctions against Iran's oil exports, set to start from November, with Asian buyers including India, South Korea and Japan already scaling back orders. Since those talks ended, the USA and China have been locked in a trade standoff as they slapped tariffs on billions of dollars of each other's goods.