The upcoming talks will be the first formal negotiations on trade between the world's two biggest economies since President Donald Trump and his Chinese counterpart, Xi Jinping, agreed to a truce at the G20 summit in Argentina last month.
Deputy US Trade Representative Jeffrey Gerrish will lead the US delegation for the talks on Monday and Tuesday, the Commerce Ministry said in a statement. Gao Feng, a spokesman for China's Commerce Ministry, said last week that the two sides have "made specific arrangements for face-to-face meetings" and are talking by phone.
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News of the talks comes less than 48 hours after Apple CEO Tim Cook warned that trade tensions between the two countries are hurting business at the world's most prominent tech company. -China trade war, investors in the USA markets are worrying about rising interest rates and a wobbly US real estate market. "Can they compromise? We'll see".
The talks will be divided into groups dealing with non-tariff measures, intellectual property, agriculture and industrial purchases, people familiar with the matter said.
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Tensions between the two nations have been rising for the past year, after tariff disputes between United States president Donald Trump and Chinese president Xi Jingping, disrupted exports causing global economic slowdown fears. It appears to them that the U.S. itself is not clear on what it wants, said the sources.
While Trump has put a March 1 deadline on striking a trade deal with Beijing, concerns extend beyond China to Europe, where a deal for Britain's exit from the European Union, known as Brexit, has not been agreed with less than three months to go before the March 29 deadline.
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White House Council of Economic Advisers chairman Kevin Hassett said in an interview with CNN's Poppy Harlow on Thursday that "a heck of a lot" of United States companies will have the same problem unless a deal is struck to lift tariffs imposed by both sides a year ago. USA president Donald Trump has threatened a sharp hike in USA tariffs on Chinese goods if China didn't yield to his requests. They criticize his tactics but echo USA complaints about Chinese industrial policy and market barriers. Both countries chose to suspend imposition of new tariffs on each other for the next 90 days and implement consensus that were reached between both presidents during the G20 meeting earlier this month. The shares closed at US$148.26 on Friday, down about 5.1 percent for the week. An escalating trade war would make the situation even worse.