Next round of US-China trade talks set for second week of October

The next round of trade talks with China are set for the second week of October, just ahead of a scheduled increase of U.S. tariffs on Chinese imports.

“Vice Premier Liu He is coming with the principals the week after next,” top White House economic adviser Larry Kudlow told reporters.

{mosads}CNBC reported that the meetings would take place Oct. 9-10, citing three anonymous sources.

President Trump had scheduled an increase in tariffs from 25 percent to 30 percent on $250 billion in Chinese imports for Oct. 1, but agreed to put off the increase until Oct. 15, likely to accommodate the trade talks.

The step was among several recent de-escalations in the tense trade war, including a Chinese decision to purchase 10 cargos of U.S. soybeans. Trade talks had broken down earlier this year, leading to increases in trade barriers over the summer.

For Trump, striking a deal with China could be a key to reelection. The trade war has taken a bite out of economic growth, and analysts see it as one of the biggest threats to the continued economic expansion, now in its 10th year.

Progress in the upcoming talks could lead Trump to further delay or altogether cancel the upcoming tariff increase.

Morgan Chalfant contributed to this report.