USA and China meet for trade talks

An investor watches the stock exchange board in Hangzhou. Green numbers in China means stocks are falling

China and the US reached a modest breakthrough in their standoff over trade, saying they will hold lower-level talks later this month on the spiraling dispute.

Oil prices on Thursday clawed back some of the previous day's losses after Beijing said it would send a delegation to Washington to try to resolve a trade dispute between the United States and China that has roiled global markets.

"The main goal is to see whether both sides are really interested in having further dialogue".

The two countries plan to launch a new round of tit-for-tat tariffs on $16 billion worth of goods from each country on August 23. The U.S. side will be lead by Under Secretary of the Treasury for International Affairs David Malpass.

A meeting between the two countries, which would be between lower-level officials than earlier talks, would mark a breach in the standoff that has arisen since talks broke down in the spring.

Cinna's Commerce Ministry says visiting at the invitation of the US. The invitation for talks may have been meant to steady markets, they said.

It's unclear if the meeting will take place before or after August 23, which is when the Trump administration will impose 25 percent tariffs on $16 billion worth of Chinese imports.

"Wang Yiwei, a professor at Renmin University's worldwide studies, said Wang's trip follows the Communist Party's annual closed door meeting at the Beidahe resort, where the trade war was likely to have been one of the main topics of discussion".

Providing Brent crude some support were looming US sanctions against Iran's oil exports, set to start from November, with Asian buyers including India, South Korea and Japan already scaling back orders.

But less than 10 days later, the White House said it would push forward on planned tariffs on $50 billion of Chinese imports and press ahead with restrictions on investments by Chinese companies in the U.S.

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