Steven Mnuchin, 56, the US Treasury secretary, and Robert Lighthizer, 71, the US trade representative, are in Beijing today for the culmination of a week of talks aimed...
The two USA cabinet officials will meet with Xi on Friday, the South China Morning Post reported, citing a source briefed on the arrangements.
Sources briefed on the talks also told Reuters that China had pledged to make its industrial subsidy programs compliant with World Trade Organization rules and end those that distort markets, but had offered no details on how it intends to achieve that goal. The following day, a 10% tariff imposed in July on $200 billion of Chinese imports would rise to 25%.
"These include Washington's complaints that China pressures American firms to share technology and uses industrial policies to favor domestic companies at the expense of US competitors".
Trump in December postponed plans to sharply hike tariffs on $200 billion of Chinese imports until March 1 to allow more time for negotiations.
Negotiators from the two sides are pushing to de-escalate a tariff war that has dimmed global growth forecasts, roiled financial markets and disrupted manufacturing supply chains.
Mnuchin, along with US Trade Representative Robert Lighthizer, arrived in the Chinese capital yesterday. The goods would be counted as US exports, rather than, say, Malaysian exports.
USA and Chinese negotiators are set to kick off two days of official trade talks in Beijing on Thursday as the world's top two economies try to patch up their festering economic dispute.
News that Chinese buyers had cancelled some recent orders for USA soybeans caused Chicago grain futures prices to tumble on Thursday, while negative sentiment weighed on US stocks, keeping major indexes in negative territory.
Trump told reporters on Wednesday that the negotiations had been progressing "very well". But it's unclear whether that will satisfy Washington and other governments that complain the system is created to extract technology from foreign companies and to use official industrial standards to shield Chinese enterprises from competition.
Trump also has said he expects to meet with Xi "at some point" to clinch a trade deal. He's demanded that China close the gap by buying more American goods, in addition to stopping its purported practice of stealing technology from USA companies.
White House press secretary Sarah Sanders said Mr Trump's private Mar-a-Lago retreat in Florida would make a good venue for the two presidents to thrash out final talks before putting pen to paper on a deal to avoid the tariff spike.
The Dow Jones is up substantially from its Christmas crash, gaining around 3,700 points, and has been boosted in the last couple of days by a growing belief that the White House will not follow through on threats of a full on trade war.
China's exports to the world - all countries including the United States - unexpectedly rose 9.1 percent in January from a year earlier, turning a corner after exports fell in December.