US-China Trade War Update: Trade Teams Set to Meet in Shanghai Next Week

US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are set to travel to Shanghai to meet with Chinese Vice Premier Liu He for in-person trade discussions starting on July 30. This move finally marks a significant step ahead in trade negotiations after talks resumed following the truce announced during the G20 summit in late June.

After a trade war that has dragged on for a year, talks between US and China came to an abrupt halt in May after the US claimed that China went back on some of its assurances. This caused both countries to hike tariffs on more of each other’s goods.

While speak with reporters on Wednesday, Mnuchin stated, “I wouldn’t expect that we’ll resolve all the issues. But the fact that we’re back at the table at the direction of the two presidents is important.”

On the agenda during next week’s meetings would be the issues of IP protection, forced technology transfers, agriculture, balancing the trade deficit, and more, according to a statement from the White House. This announcement has caused global stock markets to rally for now.