Why slowing economies could prod US and China to reach deal

US manufacturers say Trump tariffs will bring higher prices, not more jobs

USA envoys are to visit Beijing on Monday for talks on resolving a tariff dispute that threatens to hobble global economic growth, Beijing said yesterday.

At a summit in Argentina late past year, US President Donald Trump and Chinese President Xi Jinping agreed to hold off on additional tariffs for 90 days while they attempted to negotiate a deal.

The US team will be led by Deputy US Trade Representative Jeffrey Gerrish and will discuss "implementing the important consensus" reached by Trump and Chinese President Xi Jinping at the sidelines of the G20 summit in Argentina past year, it said Friday.

In addition to Gerrish, the official delegation will also include David Malpass, the Treasury Department's undersecretary for global affairs. But economists say the USA economy could be slowing and uncertainty in global economic fortunes has led to volatile daily swings in stock indexes in recent weeks. "But right now, China is feeling the blow, really, of our tariffs, and I think that that's an appropriate place for us to have taken the relationship given the amount of stuff that they were stealing from us".

Their conflict is occurring against the backdrop of a slowdown in China and an expected US slump that a prolonged trade war could worsen - a fear that's weighing on financial markets.

Both governments face economic pressure to reach a settlement. It was the fourth month of contraction, and it put annual sales in the world's biggest auto market on track to contract for the first time in three decades.

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Instead, more than 70 percent of US firms operating in southern China are putting off further investment there and moving some or all of their manufacturing to other countries.

In the same year, late paramount leader, often credited with China's "Reform and Opening" policy which led to its economic transformation, met U.S. president in the United States. Some U.S. demands would require structural reform that may be unpalatable for Chinese leaders.

The office of the United States Trade Representative also released a statement Friday announcing the delegation that would be representing the US.

United States officials will travel to Beijing for talks on Monday and Tuesday next week, with China's Ministry of Commerce saying it hopes the talks will be "positive and constructive".

The dispute has rattled companies and financial markets that worry it will drag on global economic growth, already showing signs of declining. But that was due partly to exporters rushing to beat new duties - a trend that is fading. On Thursday, privately held grains trader Cargill announced worse-than-expected results out of China.

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