02:26 GMT20 September 2020
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    Chinese Vice Minister of Commerce Wang Shouwen will travel to the United States this month for trade talks, Chinese authorities said Thursday. The Chinese minister is expected to meet with US Under Secretary of Treasury for International Affairs David Malpass.

    This will be the fourth round of talks on import duties since February. The latest one was held in June and did not lead to a breakthrough.

    "At the US invitation, the Chinese vice minister of commerce and head of the Chinese delegation in talks on international trade, Wang Shouwen, will lead a delegation to the US in the second half of August," the Commerce Ministry said. The Chinese commerce authority rejected again unilateral trade measures and protectionism, saying it "welcomes dialogue and contacts based on equality and in good faith."

    The announcement comes as both countries engage in the escalating trade war. China has published last week the detailed list of US goods valued at about $16 billion that will face 25-percent import duties.

    China’s retaliatory response came less than 24 hours after the United States Trade Representative (USTR) released a list of Chinese goods values at about $16 billion, which will also face 25 percent import duties starting from August 23.

    Trade tensions escalated between China and the United States in recent month, after Washington decided to slap 25 percent levy on Chinese goods valued at about $50 billion and threatened to target more Chinese goods with an approximate value of $200 billion.

    In response, China vowed tit-for-tat countermeasures against any trade aggression from the United States. In early July, both countries implemented 25 percent of tariffs on each other’s products with an equal value of $34 billion.

    IMF Managing Director Christine Lagarde said earlier that the recent series of US trade tariffs might cut off 0.5 percent of the world's economy in the worst-case scenario. According to the IMF, world GDP grew 3.8 percent last year and is expected to surge 3.9 percent this year.

    According to the IMF's data, China will likely retain a strong overall growth rate this year, but will slightly slow to 6.6 percent of GDP, compared with 6.9 percent in 2017.

    According to the data of the Russian Direct Investment Fund (RDIF), the hardline US trade policy may slow the growth of the global economy by 0.4-0.5 percent in the next two years. However, RDIF's assessment refers to the worst case scenario, where Washington imposes tariffs on all imports from China, increases duties on European cars and introduces other restrictive measures.


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