17:02 GMT02 December 2020
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    Despite the fact that the previous 18 months of trade talks between the US and China have only led to more rounds of tariffs and retaliations, the October talks might be different, according to Chinese sources with inside knowledge on the trade war.

    According to Hu Xijin, the editor-in-chief of the Global Times, “there’s more possibility of a breakthrough between the two sides.” Hu’s Twitter account has been followed by many Wall Street traders and market participants for insight on the trade war. He had recently warned about the Chinese retaliation against President Donald Trump’s tariffs just hours before the Chinese made the official announcement.

    Another sign came from a blog called Taoran Notes, which has been followed by analysts covering China and market participants for cues on the trade battle. Run by Chinese newspaper Economic Daily, the blog has been often cited by US media, including Bloomberg News, for additional color from the Chinese side. On Thursday, Taoran said in a 1,200 commentary that it’s “very likely” there will be “new developments” in the upcoming trade talks.

    The blog highlighted a statement from China’s Ministry of Commerce saying both sides will make consultations in mid-September in preparation for “meaningful progress” in October negotiations. “Meaningful progress” is an expression that hasn’t been used at all since the talks in May fell apart, Taoran noted.

    “Whether the trade war is headed in a positive direction or it will repeat again, I am afraid it still depends on how some people choose,” the blog reads.

    Earlier China’s Ministry of Commerce confirmed the two countries held a phone call Thursday and agreed to meet in early October in Washington, marking the 13th round of trade negotiations since both sides began slapping tariffs on billions of dollars worth of each other’s goods.


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