Chinese Vice- Premier Liu He confirmed on Thursday that the US-China will meet next week to resume trade talks that aimed at putting an end to the ongoing tariff dispute between the two economic superpowers.

Liu made the remarks at a meeting with chairman of the US-China Business Council, Evan Greenberg.

During a meeting, Liu said that the working groups from both countries would meet next week and have “earnest discussions” on their trade balance, market access, protection of investors and other matters of mutual interest.

The Chinese Vice-Premier also welcomed the US’ decision to delay by two weeks a planned tariff hike on Chinese products that was scheduled to take effect on October 1 and said that the world was looking forward to seeing progress in trade talks between both nations.

Liu He also agreed to the October visit over the phone with Treasury Secretary Steven Munchin and US Trade Representative Robert E. Lighthizer, China’s Commerce Ministry said.

“Serious” mid-level discussions will begin in mid-September to prepare for next month’s visit, the ministry added.

Earlier on Thursday, US President Donald Trump had announced that he will delay a planned tariff hike on $250 billion worth of Chinese goods from October 1 to 15 as a gesture of goodwill to Beijing.

The development comes after China’s Customs Tariff Commission of the State Council postponed the planned 25 per cent tariffs on 16 American products, which were to come into effect on Tuesday, by a year.

Earlier in the month, the US had imposed fresh tariffs on $112 billion worth of Chinese imported goods, marking a sharp escalation of the bruising trade war between the world’s two largest economies.

Tensions further escalated between the two largest economies after the US said last month that it would increase the tariff rates on all Chinese goods, which included raising a 25 per cent tax on $250 billion of Chinese imports to 30 per cent.

The dispute between the world’s two biggest economies in July 2018 boiled over into tariffs on hundreds of billions of dollars’ worth of each other’s goods and threatens to engulf all trade between the countries, putting global growth at risk.