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More talks needed before US deal, says China

containers in a port
Getty Images

Bloomberg is reporting that China wants more talks as soon as the end of October to hammer out the details of the "phase one" trade deal outlined by President Donald Trump before Chinese President Xi Jinping agrees to sign it.

Beijing may send a delegation led by Vice Premier Liu He to finalise a written deal that could be signed by the presidents at the Asia-Pacific Economic Cooperation summit next month in Chile, Bloomberg reported.

UK trade deficit narrows in third quarter

A port

The UK’s trade deficit narrowed by £13bn to £4.6bn in the three months to August 2019 as the country imported fewer goods and services.

This was largely due to imports falling £8.8bn to £168.5bn, while exports increased £4.2bn to £163.9bn, the ONS said.

However, on an annualised basis the deficit widened by £18.6bn to £50.4bn.

Good morning!

Welcome to Business Live.

Trade is the big focus today.

The US and China will resume talks in Washington aimed at averting a further rise in tariffs on $250bn of Chinese imports.

It is the latest step is a long-running trade dispute between the world's two largest economies.

Closer to home, new data on the UK's trade balance for August will be released at 09:30 and the prediction is that it is on the rise.

Elsewhere, retailer Dunelm will provide a trading update while clothing company N Brown will release its latest results.

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