White House says China trade talks to resume in Washington next week

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The heated row with Washington and threats of tit-for-tat punitive measures on trade and investment have added to existing concerns about an economic slowdown in China this year as Beijing continues its campaign to reduce risks to the country's financial system.

Early in the morning, Trump was briefed by Treasury Secretary Steven Mnuchin and other officials who had recently travelled to Beijing for discussions on trade issues. That investigation prompted the US Trade Representative office to announce its US$50 billion list of targeted Chinese products, mostly machinery and electronics.

"The President had a briefing this morning with members of the team that travelled to China".

"We are working on something that we think will be great for everybody", White House press secretary Sarah Sanders told reporters on Monday without giving further details on the negotiations.

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The visit comes after senior US economic officials and their Chinese counterparts failed last week during talks in Beijing to reach an agreement to address the standoff over tariffs.

Those included slashing the US trade deficit with China by $200 billion, cutting tariffs and eliminating subsidies for advanced technology, according to people familiar with the demands. China wants the U.S. to stop an investigation into the country's acquisition of sensitive American technologies.

A Reuters report citing sources said China had offered to buy more USA goods and lower tariffs on some goods, including cars.

The Trump administration has drawn a hard line in trade talks, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies.

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