US President Donald Trump has announced that an official delegation from the US will travel to China to discuss the bilateral trade relationship beginning on Thursday.
The members of the US delegation includes US Ambassador to China Terry Branstad, Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross, and US Trade Representative (USTR) Robert Lighthizer, the White House said in a statement on Monday, Xinhua reported.
The delegation also includes Larry Kudlow , assistant to the president for Economic Policy, Peter Navarro, assistant to the president for Trade and Manufacturing Policy, as well as Everett Eissenstat, deputy assistant to the president for International Economic Affairs.
China values the willingness the United States has shown to address the current trade friction through dialogue and communication, Chinese Premier Li Keqiang said last week.
"There is no winner in trade conflict, which will not only affect the recovery of the world economy but also the global industrial chain," Li said, adding that solutions can only be found when both sides sit down for dialogue.
In an interview aired on Monday by Fox Business Network, Mnuchin said he was "cautiously optimistic" about the upcoming trade talks with China.
The Trump administration has recently threatened to impose tariffs on up to $150 billion of Chinese imports, while China has vowed to retaliate against US exports if Washington moves forward with the tariffs.
Trade analysts have warned that unilateralism and trade protectionism will inevitably harm others without benefiting oneself as the global economy is deeply integrated.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)