China, US to hold talks in near future on economic, trade issues: Reports

USA China relations progress (Photo: Reuters)

2 min read Last Updated : Oct 01 2024 | 2:19 PM IST

Chinese Commerce Minister Wang Wentao and his US counterpart will hold a call in the near future on trade and economic ties, China's state-run Xinhua news agency reported on Tuesday, citing people familiar with the matter.

They will exchange views on bilateral economic and trade relations and key issues of mutual concern, including restrictions on electric vehicles (EVs), Xinhua reported.

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During a two-day working group meeting in Beijing last month with a US delegation, Chinese officials expressed "grave" concerns about additional US tariffs, investment restrictions, and Russia-related sanctions.

A new round of US tariffs on $18 billion of Chinese goods including EVs, EV batteries and solar panels took effect in late September, with lithium-ion batteries bearing the brunt of the levies by value. The US imports nearly zero Chinese EVs.

The tariffs were imposed after a review by the Office of the US Trade Representative of levies that had been previously introduced by former US President Donald Trump.

The Biden administration said the tariffs were aimed at bolstering protections for strategic domestic industries from China's state-driven excess production capacity. Beijing has vowed retaliation.

China may also be slapped by additional EV tariffs by the European Union, which is slated to cast a vote on introducing definitive levies in October.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 01 2024 | 2:19 PMIST