China and the United States have agreed to hold a new round of trade talks “as soon as possible,” as reported by Xinhua. The move, announced on October 18, underscores both nations’ desire to resume discussions aimed at stabilizing their economic ties.

China’s exports to the United States dropped by 33% month-over-month in August, reflecting stronger tariff pressures and trade tensions. Although China’s overall exports maintained a 4.4% year-over-year increase, it fell short of the 5.0% forecast, fueling concerns about ongoing trade dynamics.

China has escalated its trade dispute with the United States by increasing its retaliatory tariffs to 84%. The move comes with a vow from Beijing to “fight to the end,” signaling a deepening of tensions between the two economic superpowers.