US, China resuming regular talks to resolve conflicts: report

The U.S. and China are reportedly resuming regular talks in an effort to resolve conflicts between the countries.

Washington and Beijing are planning to announce the semiannual talks on Wednesday, when officials sign phase one of a new trade deal, The Wall Street Journal reported Saturday. Sources told the newspaper that officials are considering calling the conversations the Comprehensive Economic Dialogue.

Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are expected to manage the discussions, which will focus on trade, according to the Journal.

President George W. Bush implemented the Strategic Economic Dialogue with China to handle the issues related to China’s expanding economy and increased imports to the U.S., the Journal noted, adding that the talks continued under President Obama and initially under President Trump.

It added that Trump’s administration abandoned this effort in favor of a more confrontational strategy with China. 

The Hill has reached out to the White House, Department of Treasury and the Office of the U.S. Trade Representative for comment.

The first phase of the trade deal  involves a dispute-resolution section under which Liu and U.S. Trade Representative Robert Lighthizer will meet at least biannually to solve disagreements. The deal also requires Mnuchin to talk with Liu “on a regular basis” about macroeconomic issues. 

Phase one of the agreement will put a hold on future tariffs and roll back some existing levies, while China will commit to purchasing American agricultural goods and other products.

Phase two is expected to focus more on fundamental Chinese economic policies and the activities of Chinese state-owned firms.