China says trade talks with US planned for January

China announced Thursday that trade talks with the U.S. are scheduled to take place next month to deal with the two countries’ ongoing trade dispute.

Beijing and Washington have “made specific arrangements for face-to-face meetings” and are talking by phone, Ministry of Commerce Spokesman Gao Feng told The Associated Press.

{mosads}Chinese President Xi Jinping and President Trump agreed earlier this month to pause the implementation of more tit-for-tat tariffs for 90 days as the two sides seek an agreement over a range of disputes. Washington accuses Beijing of implementing overly harsh tariffs on U.S. exports and intellectual property theft. 

The agreement involved Trump postponing tariff hikes on $200 billion of Chinese imports planned for Jan. 1 and Beijing announcing a delay in a 25 percent tax on imported U.S. vehicles. 

Gao told the AP the two sides remain in “close communication.” 

The talks apparently have thus far been unimpeded by the arrest in Canada of a Chinese tech executive on U.S. charges regarding possible violations of trade sanctions on Iran. 

Symbolizing the significance of the U.S.-China trade relationship, global markets often swing based on developments in the trade war. Companies are concerned that the dispute may hurt international trade amid worries that global economic growth may be decelerating.