The world’s two largest economies have reportedly agreed to hold semiannual talks aiming to resolve disputes and push for reforms, according to people familiar with the matter.
The talks will be separate from the ongoing trade deal negotiations, sources told the Wall Street Journal, and will be held in a format which was previously derided by the current US trade officials.
The effort will be headed by Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, among other senior officials, according to the sources. The effort reportedly is set to be announced on January 15 by Mnuchin and US Trade Representative Robert Lighthizer.
Vice Premier Liu He is due to sign an initial “phase one” trade deal with the US next week and he will visit Washington on January 13-15, Beijing said on Thursday.
In December, the United States and China made a formal announcement of the results of their negotiations to date – a phase one trade deal as part of a larger bilateral trade agreement to help put an end to the ongoing trade war between the two countries.
As part of the accord, the sides agreed not to introduce new duties that were planned to go into effect on 15 December, after having previously exchanged several rounds of tariffs on numerous exports and imports.
Trump administration officials lauded the plan as one covering tariff relief, stipulating increased agricultural purchases, and introducing a number of structural changes to intellectual property and technology issues.
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