US new round of tariffs today levy low-key talks between Chinese and US officials

At the time when the Fed’s minutes revealed trade concerns, the curtain of a new round of trade negotiations between China and the United States was officially unveiled overnight. According to Reuters, Chinese and US officials conducted their first meeting in more than two months, trying to resolve the deepening trade conflict. However, there is no evidence that this low-key talk can stop the new round of tariffs that the US will launch on Thursday.

The NBC Business News (CNBC) video show showed that Chinese official delegations entered the US Treasury for talks on Wednesday. The business group said that it hopes that the two-day talks will mark the two countries will begin to seriously discuss the issue of China's adjustment of trade and economic policies as requested by Trump.

This is the first formal meeting between officials of the two countries since June. In June, US Secretary of Commerce Ross sought China's large-scale purchase of US soybeans and LNG, but failed. US President Trump told Reuters on Monday that it is expected that little progress will be made in trade talks with China this week in Washington.

At present, there are differences among the important members of the Trump administration as to whether they should start consultations with China or impose pressure on China through tariff increases. Finance Minister Nuchin supports the former approach, while US Trade Representative Wright Heze and National Trade Commission Director Peter Navarro belong to the latter camp.

When a reporter asked about Trump’s expectations for the talks on Wednesday, White House spokesman Sanders replied: "These talks will continue. I have nothing to announce about this... Of course we hope to achieve better for the United States. Trade agreement."

Chinese Foreign Ministry spokesman Lu Hao said in Beijing on Wednesday that he hopes the talks will achieve "good results." "I hope that everyone can sit down quietly and seriously talk about a favorable outcome for both sides." Lu said.

It is worth mentioning that the US Customs and Border Protection confirmed on Wednesday that it will impose a 25% tariff on 279 Chinese imports worth US$16 billion from Thursday. Key products that will be affected by this tariff include semiconductors, chemicals, plastics, motorcycles and electric scooters. China has vowed to take retaliation measures to impose tariffs on US imports worth $16 billion, including energy, steel products, automobiles and medical equipment.

Jay Timmons, president of the National Manufacturing Association (NAM), said he supports Trump's goal of ending China's unfair trade practices, but feels encouraged to return to the negotiating table. “Continuous trade wars can hurt US manufacturers and workers,” he said. Analysts in China say that expectations for a quick agreement are low, but maintaining negotiations is a positive move.