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Gerrish is close to Robert Lighthizer, the United States trade representative, and the official most in favour of using the trade war to punish China.

Before the meeting with China in Argentina, USA was threatening to impose another round of trade tariffs of 25 percent instead of earlier 10 percent on Chinese goods that would cost additional $200 billion.

When asked if he was concerned about Apple's revenue cut and share price drop, Trump said: "No, I'm not".

Growth is expected by the government to have eased to around 6.5% in 2018, down from 6.9% in 2017.

"They're going to be fine". Sixty-four percent of the more than 400 companies surveyed said they were considering relocating production lines to outside of China, but only 1 percent said they had any plans to establish manufacturing bases in North America.

As Hastert continued to talk up Trump's pressure campaign against China, Harlow called his admission a "significant warning" about future connotations of the trade war. "And that'll take place".

Deputy US Trade Representative Jeffrey Gerrish will lead the Washington delegation and will discuss "implementing the important consensus" reached by Trump and Chinese President Xi Jinping at the sidelines of the G20 summit in Argentina a year ago, China´s commerce ministry said. The longer their trade war lasts, the longer companies and consumers will feel the pain of higher-priced imports and exports.

Businesses, amid uncertainty, have held back on the sort of investment that could boost long-term growth, while governments globally struggle with a combination of high debt levels and mounting infrastructure needs. The talks begin on Monday.

As Chinese tariffs take a bigger bite out of profits, US manufacturers with operations there are scrambling to find alternatives.

Gao offered no details, and the Office of the U.S. Trade Representative declined to confirm the talks.

On its website, China's commerce ministry said the goal of the upcoming talks, to be held in Beijing on 7 and 8 January, will be "implementing the important consensus" reached by the two leaders.

China would deepen reform but will not yield on issues it deems to be its core national interests, a commentary in the ruling Communist Party's official newspaper said on Wednesday.

"We are looking at this balance between the strong domestic activity and the weaker external activity", in the United States, Germany and elsewhere, she said, and also the "effectiveness of Chinese policy to turn the trajectory of the economy there". "Now, the question is can we negotiate these changes and can we do so with enforcement (and) with timetables".