Kuala lumpur: Senior economic officials from the United States and China began their meeting in Kuala Lumpur on Saturday in an attempt to avoid escalating their trade war and secure a meeting this week between US President Donald Trump and his Chinese counterpart, Xi Jinping.
According to Yemen News Agency, China and the United States began a new round of trade talks in Malaysia on Saturday, with information confirmed by a US Treasury Department spokesperson and state media in Beijing. This meeting precedes a highly anticipated summit between the two countries' presidents in South Korea next week.
The Chinese Ministry of Commerce previously reported that Vice Premier He Lifeng would lead a delegation to Malaysia until Monday for discussions with the United States. The talks, taking place on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit, aim to find a resolution after Trump threatened to implement new 100 percent tariffs on Chinese goods and other trade restrictions starting November 1. These actions are in response to China's expanded export controls on magnets and rare earth minerals.
The current measures, which also involve an expanded US export blacklist including thousands of additional Chinese companies, have disrupted a fragile trade truce previously brokered by US Treasury Secretary Scott Besant, US Trade Representative Jamison Greer, and Chinese Vice Premier He Lifeng over four meetings since last May.
The Malaysian government, along with the US and Chinese sides, has provided limited details about the meeting, leaving it unclear whether the results will be disclosed to the media. Meanwhile, the three officials are working on Saturday to facilitate the meeting between Trump and Xi scheduled for next Thursday at the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
The world's two largest economies are seeking to avoid further escalation in their ongoing tariff dispute, with US President Donald Trump expected to meet Chinese President Xi Jinping in South Korea next Thursday to address these issues.