U.S. and China meet for trade talks

US-China

China and the United States have implemented several rounds of tit-for-tat tariffs on each other's goods

The Commerce Ministry said Beijing "reiterates its opposition to unilateralism and trade protectionism and does not accept any unilateral trade restrictions".

China and the United States have announced formal trade negotiations for the first time since their fierce dispute led to tariffs on products worth tens of billions of dollars.

A senior USA government official confirmed the talks and said: "We expect to discuss steps to achieve a more balanced trading relationship".

News of the meeting boosted the Chinese yuan and helped cap losses in China's stock markets.[CNY/][.SS].

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"The lower rank of the delegation suggests that both sides remain far apart, and an agreement reached for this visit is very unlikely", Jonas Short, head of the Beijing office at investment bank Everbright Sun Hung Kai, wrote in a note.

China and the United States have retaliated back and forth with tit-for-tat tariffs and have threatened further tariffs on exports worth hundreds of billions of dollars.

The world's two largest economies have been locked in escalating rounds of tit-for-tat tariffs, with $34 billion in goods targeted by each country and another $16 billion slated to go into effect on August 23.

Trade talks will be held late August.

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White House economic adviser Larry Kudlow said the "single biggest event" of 2018 is "an economic boom that most people thought would be impossible".

"Our Country was built on Tariffs, and Tariffs are now leading us to great new Trade Deals - as opposed to the frightful and unfair Trade Deals that I inherited as your President", Trump tweeted Wednesday.

The Trump administration is due to impose similar increases on an additional $16 billion of Chinese imports on Tuesday.

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