Global stocks rally ahead of China-U.S. trade talks
China said a U.S. delegation will visit next week for trade talks, confirming the two sides will have their first face-to-face negotiation since President Donald Trump and his counterpart Xi Jinping agreed to a 90-day truce in their trade war last month.
Deputy U.S. Trade Representative Jeffrey Gerrish will lead the U.S. delegation for the talks, the Commerce Ministry said in a statement. The two sides will discuss how to implement consensus reached by leaders of both countries in Argentina, it said. Bloomberg News reported earlier that U.S. officials are heading to Beijing the week of Jan. 7
The talks adds to signs that the world’s two largest economies are making progress in cooling trade tensions. Trump reported “big progress” in trade negotiations after a phone call with Xi last week. Beijing last week announced a third round of tariff cuts, lowering import taxes on more than 700 goods from Jan. 1 as part of its efforts to open up the economy and lower costs for domestic consumers.