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China: Trade talks with the USA are back on

China: Trade talks with the USA are back on”

Amid a stalemate in the trade war with the US, China will send a top official to Washington this month to resume the high-level dialogue to resolve the deadlock over President Donald Trump's demand to drastically reduce the $375 billion trade deficit.

A statement by the Chinese Ministry of Commerce on Thursday said it will hold a fresh round of trade talks with US officials in Washington before the end of the month.

There also remains a wide gap between the two sides over Washington's demands that Beijing improve market access and intellectual property protections for US companies, and slash a $375 billion trade deficit with China.

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While the engagement was seen by analysts and business officials as positive, they cautioned that the talks were unlikely to lead to a breakthrough given they are among lower level officials and led on the U.S. side by the Treasury Department, not the U.S. Trade Representative (USTR).

Trade Representative Robert Lighthizer has been meeting with Mexican officials as the US works to renegotiate NAFTA.

Chinese stocks also reversed losses on Thursday morning after the announcement of further trade talks.

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This month's meeting would be the first between senior US and Chinese officials since June 3 talks in Beijing between Commerce Secretary Wilbur Ross and Vice Premier Liu He ended with no settlement. The countries imposed steep tariffs on billions of dollars of each other's exports this summer and have threatened more.

U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.2 percent, at $65.17 a barrel, held back somewhat by rising U.S. crude production and storage levels.

The Trump administration slapped duties on $34 billion of Chinese goods last month, a move that also prompted immediate retaliation from China. And China has promptly hit back with tariffs on an equal amount of US exports.

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