White House economic adviser Larry Kudlow, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer are among those preparing to attend the White House meeting.
Beijing will start to quickly implement specific items where there's consensus with the USA and will push forward on trade negotiations within the 90-day "timetable and road map", the Ministry of Commerce said in a statement on Wednesday morning in China.
As the high-stake trade talk concluded, the White House said in a statement that U.S. president Donald Trump will not impose any tariff hike on the $200 billion worth of Chinese imports. Markets fell 600 points on Friday amid growing investor anxiety over conflicting signals from top White House advisers about whether Trump still plans to hike tariffs further if negotiations with China go south.
Trump has threatened to tax imported cars, trucks and auto parts, potentially targeting imports that previous year totaled $335 billion, and the European Union had warned that it would retaliate with tariffs on products worth $20 billion if Trump put duties on cars and auto parts from Europe.
A lack of detail from the Chinese side has left investors and analysts wondering if Trump's exuberance is warranted, and if details touted by the White House but left out of Chinese reporting on the agreement are in question. -China trade talks were on track. "We've never been close to this".
"It doesn't seem like anything was actually agreed to at the dinner and White House officials are contorting themselves into pretzels to reconcile Trump's tweets (which seem if not completely fabricated then grossly exaggerated) with reality", JPMorgan Chase said in a trading note.
All three sets of tariffs have been imposed pursuant to the U.S. Administration's determination in March under Section 301 of the Trade Act of 1974 ("Section 301") that China's technology transfer and intellectual property ("IP") policies are harming U.S. companies.
"I am a Tariff Man. This is the first time they've responded on very, very specific issues".
The current tax is 40 percent on US-made cars, while foreign competitors have only a 15 percent tariff.
The president also returned to threatening China with higher tariffs.
The stock market will be closed on Wednesday, during President H.W. Bush's funeral.
"America's retailers are encouraged by President Trump and President Xi's decision to find a path forward that will keep America competitive, grow our economy, and support the millions of American jobs impacted by trade", Hun Quach, VP for global trade for the Retail Industry Leaders Association, said in a statement.
Last month, the Organisation for Economic Cooperation and Development, which advises numerous world's richest economies, warned that the global economy had passed its peak and faced a slowdown driven partly by trade disputes.
Carl Weinberg of High Frequency Economics noted that the diverging messages from Xi and Trump after the meeting were creating doubt about what was agreed.
Buy more USA exports?
"What kind of kooky language is that?"
Tribune Media Co shares rose 11.7 percent after Nexstar Media Group Inc said it agreed to buy its Chicago-based peer for about $4.1 billion, making it the largest regional U.S. TV station operator. "That probably sums up the conversation".