Last week, the U.S. Treasury Department invited senior Chinese officials, including Vice Premier Liu He, to more talks on the tariff dispute, though scepticism remained high among trade observers on both sides over the prospects of a breakthrough.
"Nowadays economic and trade relations between China and the U.S. are so closely connected that they will not be easily broken by unilateral hegemony", China's Global Times warned.
The United States is ready to negotiate a trade deal with China whenever Beijing is prepared for serious talks that will reduce tariffs and eliminate non-tariff trade barriers.
In response to President Trump's threatened tariffs, Beijing has teed up tariffs of five to 25 percent on $60 billion of USA goods including pig hides, cocoa butter and condoms.
A second administration official told CNBC that the cost of these tariffs would amount to 10 percent of all imports targeted, down from earlier estimates of 25 percent.
Apple and Fitbit stocks each trimmed some losses in afternoon trading amid a broader decline on Wall Street.
U.S. President Donald Trump reportedly directed his aides to proceed with fresh tariffs on Chinese goods.
"Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been nearly unnoticeable", Trump said.More news: Maurizio Sarri says Chelsea defence must improve to sustain title bid
Only last week, Beijing said it welcomed overtures from United States officials offering to re-start trade talks, but press reports indicate China would call off any meetings if the new punitive duties take effect.
"An escalating trade conflict serves no one's interests", Geng said.
"He has not been satisfied with the talks with China on this". He was expected to level tariffs on about $200 billion of Chinese imports, and China has said it would retaliate.
Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against US farmers or other industries.
"If you don't know what the rules are or how it's going to operate, you are going to be fairly hesitant about making that investment", said Snyder, who was in China to promote his state's industries, including autonomous vehicle technology.
Indeed, many critics of Chinese economic policy in the USA hope the escalating trade dispute will discourage companies in the US and elsewhere from investing in China.
"I would encourage the national governments to resolve it as quickly as possible, because it's a concern for all". This article is strictly for informational purposes only.