White House trade adviser Peter Navarro confirmed that President Donald Trump asked Mnuchin and Lighthizer to try to resolve trade differences with China.
USA stock indexes surged about 3 percent Monday after fears eased of a trade war with China. The S&P 500 and NASDAQ closed higher, too.
Last Thursday and Friday, the Dow lost more than a total of 1,100 points amid increasing signs of a looming trade war between the two major trading partners. Mnuchin and Lighthizer sent to Mr. Liu late last week, the Trump administration set out specific requests that include a reduction of Chinese tariffs on US automobiles, more Chinese purchases of USA semiconductors and greater access to China's financial sector by American companies, the people said.
CHINA FACTOR: The fears of worsening trade tensions eased after China's government said it is open to negotiating with Washington.
Trump last Thursday called for 25% tariffs on up to $60 billion in Chinese goods as part of a response to alleged abuses of USA intellectual property rights.
The China-proposed resolution, in which states were called to uphold multilateralism and work together to promote mutually beneficial cooperation, gained 28 "yes" votes after Mack called for a vote.
The Trump administration has demanded that China immediately cut its $375 billion trade surplus with the United States by $100 billion. "China is certain that it can safeguard its own interests".
Li told a conference that included global chief executives that China would treat foreign and domestic firms equally, would not force foreign firms to transfer technology and would strengthen intellectual property rights, repeating promises that have failed to placate Washington.
"China stands ready to strengthen dialogue and communication with all sides, including the United States, to inject positive energy into the development of the worldwide human rights cause", Hua said. Treasury Secretary Steven Mnuchin is reportedly considering a trip to Beijing to discuss the requests.
USA officials said they're determined to press China to lower tariffs on cars and open up its financial services sector.
"As with overall funding trend in AI, there are far fewer deals in China in 2017 than the United States, but far greater funding", The Times reports CB Insights senior analyst Deepashri Varadharajan as saying.