Kuala Lumpur: Top economic officials from the US and China reportedly ended their first day of talks in Kuala Lumpur on Saturday, with a Treasury spokesperson describing them as “very constructive”.
The world’s two largest economies are looking to avert an escalation of their trade war and ensure that a meeting happens next week between US President Donald Trump and Chinese President Xi Jinping.
The talks on the sidelines of the Association of Southeast Asian Nations summit will chart a path forward after Trump threatened new 100% tariffs on Chinese goods and other trade curbs starting on November 1, in retaliation for China’s vastly expanded export controls on rare earth magnets and minerals.
Earlier, Chinese state media reported that the delegations from the two sides convened on Saturday morning for talks on economic and trade issues.
The two sides reportedly held consultations on important issues in China-US economic and trade ties in accordance with the important consensus reached by the heads of state of the two countries during their phone calls this year. The Chinese delegation was led by Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee.