The U.S. and China have agreed to meet face-to-face in Washington in a bid to settle tensions in the ongoing trade war, according to statements from both Washington and Beijing on Wednesday night.
Earlier this week Chinese and U.S. officials were struggling to agree on a schedule for a planned September meeting to continue trade talks, after Washington rejected Beijing’s request to delay tariffs.
However, according to a statement released in China this morning by the country's commerce ministry, trade discussions between the two nations are to resume in early October.
Both countries said they will continue talking ahead of the in-person meeting in order to "create good conditions for negotiation," China's Commerce Ministry said.
The latest round of tariffs that the two countries imposed on each other came into effect on Sunday, with more tariffs said to be on the way.
President Donald Trump said last month that he will increase rates on existing tariffs from 25% to 30% on $250 billion worth of Chinese goods.
China also said it would resume tariffs on US imports of automobiles and automobile parts in December.
At the same time, stocks in Tokyo and Shanghai increased by 2.3% and 1.5%, respectively, following the news to attempt to resolve the trade war later this year.