Trade talks to continue in September in the US, Chinese state media says - CNBC

Chinese President Xi Jinping and U.S. President Donald Trump chat at a G-20 event a day before their highly anticipated bilateral meeting.

Bernd von Jutrczenka | picture alliance | Getty Images

The U.S. and China will resume trade negotiations in Washington in September after the two countries discussed increasing Chinese purchases of U.S. agricultural products in the latest talks in Shanghai, Chinese state news agency Xinhua said.

The two sides conducted "frank, efficient and constructive in-depth exchanges" on major economic and trade issues, and they discussed that China will increase its purchase of American farm goods and the U.S. will create "favorable conditions" for it, Xinhua said on Wednesday, adding that the next round of "high-level" talks will convene in the U.S. in September.

Hu Xijin, a Chinese official tabloid editor followed by Wall Street for insight, echoed the sentiment in a Twitter post.

The White House did not yet put out a statement on the result of Tuesday's discussion or the schedule for future stocks. The White House did not immediately return CNBC's request for comment.

This week's two-day meetings in Shanghai, the first in-person trade talks since a G20 truce, didn't yield much progress on other key conflicts in the trade dispute including the U.S.' Huawei ban and China's intellectual property violations, according to Xinhua. In the midst of the talks, President Donald Trump fired off a series of tweets criticizing China's trade practices, claiming that it's not buying more U.S. agricultural products as it promised to do.

"China is doing very badly, worst year in 27 - was supposed to start buying our agricultural product now - no signs that they are doing so. That is the problem with China, they just don't come through," Trump wrote Tuesday.

He alleged that China may be awaiting the outcome of the 2020 presidential election.

"They should probably wait out our Election to see if we get one of the Democrat stiffs like Sleepy Joe...The problem with them waiting, however, is that if & when I win, the deal that they get will be much tougher than what we are negotiating now...or no deal at all," Trump said.

Trump and Chinese President Xi Jinping reached a truce in June at the G20 summit after the trade talks collapsed in May that prompted a steep U.S. tariff hike on $200 billion of Chinese goods. The Trump administration also blacklisted Huawei, forcing U.S. companies to cut ties with it. China later said a deal will not be reached unless the existing tariffs are stripped.

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