U.S. team to visit China for trade talks

US manufacturers say Trump tariffs will bring higher prices, not more jobs

U.S. trade negotiators will "optimistically and constructively communicate with (the) Chinese delegation on the important agreements achieved by the two leaders during the meeting in Argentina", China's Commerce Ministry said in a statement, without giving further details.

He said slowing consumer demand in China gives Trump an edge in ongoing trade negotiations.

Trump repeated that the United States has "taken in billions and billions of dollars in tariffs from China and from others", despite the fact import duties are increasing costs for American businesses and consumers.

Deputy US trade representative Jeffrey Gerrish will lead the American delegation, China's Ministry of Commerce said.

President Trump and President Xi agreed to a ceasefire at a summit in Argentina in 2018, putting on hold any additional tariffs for 90 days from December the 1, while the two attempt to negotiate a deal.

Data this week pointed to signs of strain in the USA and China at the end of previous year.

U.S. and China agree to hold first substantive trade talks since truce was struck at November's G20 summit in Argentina.

China's own stock market has fallen by about 25% in the past year as investor concerns grew about the impact of the trade war on China's economy. "And if we don't, they're paying us tens of billions of dollars worth of tariffs - not the worst thing in the world".

Trade representativesfrom the US and China to hold talks Jan 7, according to the Wall Street Journal.

Shares in Apple slid nearly 10% after it announced late on Wednesday that it was trimming its sales forecast for the most recent quarter. They complain China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

In addition to Gerrish, the U.S. team will include the Office of the U.S. Trade Representative's top negotiator on agricultural issues, Gregg Doud; Treasury Under Secretary for International Affairs David Malpass; Commerce Under Secretary for International Trade Gilbert Kaplan; the U.S. Agriculture Department's under secretary for trade and foreign affairs, Ted McKinney; the U.S. Department of Energy's assistant secretary for fossil energy, Steven Winberg; and other senior officials.

Despite the December truce, "most firms expect trade war to escalate", the report said.

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