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U.S., China agree to high-level talks next month

The Chinese Commerce Ministry says the U.S. and China have agreed to hold high-level trade talks next month.

The Ministry’s website reports U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin talked on the phone with the Vice Premier of China early Thursday.  The call ended with plans for a face-to-face meeting in early October amid fears further escalation of the trade war could result in a global recession.

A Chinese Ministry spokesman says negotiators from both sides will strive to achieve substantial progress during the meeting.

The U.S. plans to increase the tariff rate from 25 percent to 30 percent on $250 billion dollars-worth of Chinese goods beginning October first.