China, US to hold trade talks in late August

In an attempt to solve the trade conflict between the US and China, Beijing will send a delegation to meet with U.S. counterparts in Washington later this month.

The Chinese delegation will be led by Vice Minister of Commerce Wang Shouwen, while the US team is led by Under Secretary of Treasury for International Affairs David Malpass, the Ministry of Commerce said in a statement on its website.

China and the United States have retaliated back and forth with tit-for-tat tariffs and have threatened further tariffs on exports worth hundreds of billions of dollars.

The last round of talks was in early June.

President Trump’s top economic adviser Larry Kudlow confirmed on Thursday that a Chinese delegation would be coming to Washington.

“We've got a Chinese delegation coming next week – a kind of second-level delegation, so maybe they'll reopen those talks," he said during an appearance on "Fox & Friends."

Having made little progress in the previous meetings, the White House said on August 3 that the United States is open to further talks with China on how to resolve the festering trade dispute, according to Reuters.

U.S. futures gained on the news.

Washington is due to activate additional tariffs on $16 billion of Chinese goods on August 23, and Beijing has said it will respond in kind.