American and Chinese officials are set to hold high-level trade talks sometime in October in Washington, just weeks after officials will hold preliminary meetings this month.
China’s commerce ministry released a statement this week specifying U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin agreed to the talks during a phone call with Chinese officials.
China’s ministry spokesperson touted the dialogue saying, “We’ll strive to achieve substantial progress during the 13th Sino-U.S. high-level negotiations in early October.”
The Chinese spokesperson confirmed officials are optimistic moving forward and do not want the ongoing trade war to escalate.
This announcement comes just days after President Trump tweeted he would be tougher on the Chinese if the trade talks continue into his second term as President of the United States.
The president issued that warning via twitter saying, “Think what happens to China when I win. Deal would get MUCH TOUGHER! In the meantime, China’s Supply Chain will crumble and businesses, jobs and money will be gone!”
The latest development on the trade front just weeks before the U.S. will enact another round of tariffs targeting Chinese goods effective October 1.
The tariffs will spike 5% beginning at the first of the month and will affect $250 billion worth of Chinese goods.
President Trump announced the tariffs last month saying, “Starting on October 1st, the 250 BILLION DOLLARS of goods and products from China, currently being taxed at 25%, will be taxed at 30%.”
Meanwhile, Chinese officials have signaled in the last week they are ready to strike a trade deal with the U.S. saying it seeks a “calm” end to the ongoing trade war.
The Chinese currency has tanked to an 11-year low in recent weeks amid the bilateral negotiations as the standoff continues.