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"We have received information and information that the Chinese government – the top of the Chinese government – wanted to continue the negotiations," White House Economic Advisor Larry Kudlow told Fox Business on Wednesday. "So, secretary [Steven] Mnuchin, who is China's team leader, apparently launched an invitation. "
Kudlow declined to provide more details about the potential talks, stressing that "it's just an invitation" at this point. The Wall Street Journal reported Wednesday that Mnuchin, the US Treasury Secretary, had sent the offer to a group of Chinese officials led by Deputy Prime Minister Liu He, the chief economic advisor to President Xi Jinping.
The Treasury Department did not respond to a request for comment on Wednesday. The Chinese Ministry of Trade and Foreign Affairs did not immediately respond to requests for comment on Thursday in Beijing.
The proposal for new high-level negotiations comes as the trade war between the world's two largest economies seems likely to intensify. President Donald Trump said last week that new tariffs on the $ 200 billion worth of Chinese goods could come into effect "very soon" and warned that another wave of even bigger measures was "ready to run out." notice if I wish. "
The two economic superpowers have already imposed tariffs of 25% on more than $ 50 billion of this year's exports.
The next round of US tariffs on Chinese products will likely cost thousands of products – from dishwashers to Fitbit fitness trackers and food seasoning – to US consumers. China has vowed to retaliate with $ 60 billion more in tariffs on US exports, including meat, coffee, furniture and auto parts.
Last month's trade talks involving senior officials from both countries ended without any progress. A previous round of negotiations involving Mnuchin, Kudlow and other senior economic officials collapsed as Trump continued his plans to impose tariffs.
While the $ 200 billion rights package is looming, "it's probably the best time for the United States to come back to the table with a commercial demand," said Robert Carnell, senior economist for the US. Asia-Pacific for investment. ING bank, said in a note to customers on Thursday.
The Chinese economy is slowing and new waves of US tariffs are likely to hurt its huge export industry. The trade war also weighed on the Chinese financial markets.
But analysts have expressed skepticism over China's fear of some of the Trump administration's key concerns, including China's efforts to put American technology into practice and Beijing's ambitious industrial policies.
– Katie Lobosco, Nanlin Fang and Daniel Shane contributed to this report.
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