Beijing's vice premier Liu He was proposed to meet with the Trump administration in Washington to have mid-level trade talks. Spot gold has fallen over 12 percent since April, which is when the trade conflict between two biggest economies of the world intensified.
"The trade war is now a reality", said Fitch's chief economist, Brian Coulton, in a report.
"[The United States] has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure", the report said. The ratings firm downgraded its world growth forecast for 2019 by 0.1 percentage point to 3.1 per cent and warned of further downside risks.
There is a strong possibility that US President Donald Trump will impose tariffs on all goods coming into America from China, says investment bank Goldman Sachs.
Despite the ballooning trade deficit, there are bigger issues at stake for the USA, such as containing China's rise as it moves towards economic superpower status through its "Made in China 2025" policy and the $1 trillion Belt and Road Initiative.
Vacuum cleaners, of which more than $1.8 billion worth were imported into the US last year, as well as light bulbs, could also take a hit. There's a growing consensus in Beijing that substantive talks will only be possible after USA mid-term elections in November, the people said.
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But Trump has taken an increasingly hard line on trade around the world, with $200 billion (R2 863 300 000 000,00) in tariffs on Chinese exports set to take effect on Monday.
"We remain open to continuing discussions with China, but China must meaningfully engage on the unfair trading practices".
Earlier, both sides had slapped additional tariffs of worth $50 billion on each other's products.
Companies complain that the time frame between the announcement of the latest levies and implementation of the tariffs on thousands of products is too short. "This latest tranche is a tsunami", said Hun Quach, vice-president of global trade for the Retail Industry Leaders Association.
The ongoing escalation in a trade war between the United States and China ratcheted up again on Monday when US tariffs on an additional $200 billion worth of Chinese goods went into effect. American regulators tried to limit the public impact by focusing on industrial machinery and components, but the latest $200 billion list includes bicycles, wooden furniture and other consumer goods.
Beijing believes substantive negotiations will only be possible after the US midterm elections in November, Bloomberg News reported. "Unless that happens, serious negotiations will be impossible and the likelihood of continued escalation increases", Mr Alden said.